Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jul. 31, 2017	Sep. 25, 2017	Jan. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Trading Symbol	MTN
Entity Registrant Name	VAIL RESORTS INC
Entity Central Index Key	0000812011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		40,019,342
Entity Public Float			$ 6,782,234,961

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2017	Jul. 31, 2016
Assets
Cash and cash equivalents	$ 117,389	$ 67,897
Restricted cash	10,273	6,046
Accounts receivable, net of allowances of $750 and $616, respectively	186,913	147,113
Inventories, net of reserves of $1,518 and $1,713, respectively	84,814	74,589
Other current assets	33,681	27,220
Total current assets	433,070	322,865
Property, plant and equipment, net (Note 6)	1,714,154	1,363,814
Real estate held for sale and investment	103,405	111,088
Deferred charges and other assets	45,414	35,207
Goodwill, net (Note 6)	1,519,743	509,037
Intangible assets, net (Note 6)	294,932	140,007
Total assets	4,110,718	2,482,018
Liabilities and Stockholders’ Equity
Accounts payable and accrued liabilities (Note 6)	467,669	397,488
Income taxes payable	98,491	95,639
Long-term debt due within one year (Note 4)	38,397	13,354
Total current liabilities	604,557	506,481
Long-term debt, net (Note 4)	1,234,024	686,909
Other long-term liabilities (Note 6)	301,736	270,168
Deferred income taxes (Note 9)	171,442	129,994
Total liabilities	2,311,759	1,593,552
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 100,000 shares authorized and 45,448 and 41,614 shares issued, respectively	454	416
Exchangeable shares, $0.01 par value, 69 and zero shares issued and outstanding, respectively (Note 5)	1	0
Additional paid-in capital	1,222,510	635,986
Accumulated other comprehensive income (loss)	44,395	(1,550)
Retained earnings	550,985	486,667
Treasury stock, at cost; 5,436 and 5,435 shares, respectively (Note 14)	(247,189)	(246,979)
Total Vail Resorts, Inc. stockholders’ equity	1,571,156	874,540
Noncontrolling interests	227,803	13,926
Total stockholders’ equity	1,798,959	888,466
Total liabilities and stockholders’ equity	$ 4,110,718	$ 2,482,018

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2017	Jul. 31, 2016
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 750	$ 616
Inventories, reserves	$ 1,518	$ 1,713
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	45,448,357	41,614,432
Exchangeable Shares, Shares, Issued	68,622	0
Treasury stock, shares	5,436,294	5,434,977

Consolidated Statements Of Operations - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Net revenue:
Mountain and Lodging services and other	$ 1,477,654	$ 1,228,716	$ 1,044,599
Mountain and Lodging retail and dining	412,646	350,442	313,983
Resort net revenue	1,890,300	1,579,158	1,358,582
Real Estate	16,918	22,128	41,342
Total net revenue	1,907,218	1,601,286	1,399,924
Total segment operating expense
Mountain and Lodging operating expense	891,135	775,590	697,111
Mountain and Lodging retail and dining cost of products sold	170,824	143,276	133,160
General and administrative	236,799	208,991	179,753
Resort operating expense	1,298,758	1,127,857	1,010,024
Real Estate	24,083	24,639	48,408
Total segment operating expense	1,322,841	1,152,496	1,058,432
Other operating (expense) income:
Depreciation and amortization	(189,157)	(161,488)	(149,123)
Gain on sale of real property	6,766	5,295	151
Gain on litigation settlement (Note 5)	0	0	16,400
Change in fair value of contingent consideration (Note 8)	(16,300)	(4,200)	3,650
Loss on disposal of fixed assets and other, net	(6,430)	(5,418)	(2,057)
Income from operations	379,256	282,979	210,513
Mountain equity investment income, net	1,883	1,283	822
Investment income and other, net	6,114	723	246
Foreign currency gain on intercompany loans (Note 4)	15,285	0	0
Interest expense, net	(54,089)	(42,366)	(51,241)
Loss on extinguishment of debt (Note 4)	0	0	(11,012)
Income before provision for income taxes	348,449	242,619	149,328
Provision for income taxes (Note 9)	(116,731)	(93,165)	(34,718)
Net income	231,718	149,454	114,610
Net (income) loss attributable to noncontrolling interests	(21,165)	300	144
Net income attributable to Vail Resorts, Inc.	$ 210,553	$ 149,754	$ 114,754
Per share amounts (Note 3):
Basic net income per share attributable to Vail Resorts, Inc.	$ 5.36	$ 4.13	$ 3.16
Diluted net income per share attributable to Vail Resorts, Inc.	5.22	4.01	3.07
Cash dividends declared per share	$ 3.726	$ 2.865	$ 2.075

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Net income	$ (61,248)	$ 196,856	$ 159,728	$ (63,618)	$ (65,284)	$ 157,537	$ 116,871	$ (59,670)	$ 231,718	$ 149,454	$ 114,610
Foreign currency translation adjustments and other (net of tax of ($2,831), ($1,905) and $2,578, respectively)									64,152	3,363	(4,714)
Comprehensive income									295,870	152,817	109,896
Comprehensive (income) loss attributable to noncontrolling interests									(39,372)	300	144
Comprehensive income attributable to Vail Resorts, Inc.									$ 256,498	$ 153,117	$ 110,040

Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Statement of Comprehensive Income (Parenthetical) [Abstract]
Translation Adjustment Functional to Reporting Currency, Tax Benefit (Expense)	$ (2,831)	$ (1,905)	$ 2,578

Consolidated Statements Of Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Exchangeable Shares [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interest [Member]
Balance at Jul. 31, 2014	$ 834,800,000	$ 412,000	$ 0	$ 612,322,000	$ (199,000)	$ 401,500,000	$ (193,192,000)	$ 820,843,000	$ 13,957,000
Net income (loss) attributable to Vail Resorts, Inc.	114,754,000					114,754,000		114,754,000
Net Income (Loss) Attributable to Noncontrolling Interest	(144,000)								(144,000)
Net income, including portion attributable to noncontrolling interest	114,610,000
Foreign currency translation adjustments and other	(4,714,000)				(4,714,000)			(4,714,000)
Comprehensive income	110,040,000							110,040,000
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(144,000)								(144,000)
Total comprehensive income	109,896,000
Stock-based compensation (Note 15)	15,753,000			15,753,000				15,753,000
Issuance of shares under share award plan net of shares withheld for taxes (Note 15)	(17,186,000)	(3,000)	0	(17,189,000)				(17,186,000)
Tax benefit from share award plan	12,624,000			12,624,000				12,624,000
Repurchases of common stock	0
Dividends (Note 3)	(75,506,000)					(75,506,000)		(75,506,000)
Noncontrolling Interest, Increase from Contributions from Noncontrolling Interest Holders	205,000								205,000
Balance at Jul. 31, 2015	880,586,000	415,000	0	623,510,000	(4,913,000)	440,748,000	(193,192,000)	866,568,000	14,018,000
Net income (loss) attributable to Vail Resorts, Inc.	149,754,000					149,754,000		149,754,000
Net Income (Loss) Attributable to Noncontrolling Interest	(300,000)								(300,000)
Net income, including portion attributable to noncontrolling interest	149,454,000
Foreign currency translation adjustments and other	3,363,000				3,363,000			3,363,000
Comprehensive income	153,117,000							153,117,000
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(300,000)								(300,000)
Total comprehensive income	152,817,000
Stock-based compensation (Note 15)	17,025,000			17,025,000				17,025,000
Issuance of shares under share award plan net of shares withheld for taxes (Note 15)	(10,215,000)	(1,000)	0	(10,216,000)				(10,215,000)
Tax benefit from share award plan	5,667,000			5,667,000				5,667,000
Repurchases of common stock	(53,787,000)						(53,787,000)	(53,787,000)
Dividends (Note 3)	(103,835,000)					(103,835,000)		(103,835,000)
Noncontrolling Interest, Increase from Contributions from Noncontrolling Interest Holders	208,000								208,000
Balance at Jul. 31, 2016	888,466,000	416,000	0	635,986,000	(1,550,000)	486,667,000	(246,979,000)	874,540,000	13,926,000
Net income (loss) attributable to Vail Resorts, Inc.	210,553,000					210,553,000		210,553,000
Net Income (Loss) Attributable to Noncontrolling Interest	21,165,000								21,165,000
Net income, including portion attributable to noncontrolling interest	231,718,000
Foreign currency translation adjustments and other	64,152,000				45,945,000			45,945,000	18,207,000
Comprehensive income	256,498,000							256,498,000
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	39,372,000								39,372,000
Total comprehensive income	295,870,000
Stock-based compensation (Note 15)	18,315,000			18,315,000				18,315,000
Shares issued for acquisition (Note 5)	574,645,000	33,000	4,000	574,608,000				574,645,000
Exchangeable share transfers		3,000	(3,000)
Issuance of shares under share award plan net of shares withheld for taxes (Note 15)	(16,275,000)	(2,000)	0	(16,277,000)				(16,275,000)
Tax benefit from share award plan	9,878,000			9,878,000				9,878,000
Repurchases of common stock	(210,000)						(210,000)	(210,000)
Dividends (Note 3)	(146,235,000)							(146,235,000)
Acquisition of noncontrolling interest (Note 5)	182,579,000								182,579,000
Distributions to noncontrolling interests, net	(8,074,000)								(8,074,000)
Balance at Jul. 31, 2017	$ 1,798,959,000	$ 454,000	$ 1,000	$ 1,222,510,000	$ 44,395,000	$ 550,985,000	$ (247,189,000)	$ 1,571,156,000	$ 227,803,000

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Cash flows from operating activities:
Net income	$ 231,718	$ 149,454	$ 114,610
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	189,157	161,488	149,123
Cost of real estate sales	13,097	15,724	32,190
Stock-based compensation expense	18,315	17,025	15,753
Deferred income taxes, net	36,437	7,626	12,968
Canyons obligation accreted interest expense	5,687	5,644	5,596
Change in fair value of contingent consideration	16,300	4,200	(3,650)
Foreign currency gain on intercompany loans	(15,285)	0	0
Gain on litigation settlement	0	0	(16,400)
Park City litigation settlement payment	0	0	(10,000)
Gain on sale of real property	(6,766)	(5,295)	(151)
Loss on extinguishment of debt	0	0	11,012
Payment of tender premium	0	0	(8,636)
Other non-cash income, net	(15,063)	(8,044)	(6,930)
Changes in assets and liabilities, net of effects of acquisitions:
Restricted Cash	2,206	6,966	162
Accounts receivable, net	(36,291)	(32,991)	(15,350)
Inventories, net	8,086	(843)	(1,304)
Accounts payable and accrued liabilities	(14,177)	42,367	4,498
Income taxes payable	18,076	56,553	41,783
Other assets and liabilities, net	5,417	6,888	(21,614)
Net cash provided by operating activities	456,914	426,762	303,660
Cash flows from investing activities:
Capital expenditures	(144,432)	(109,237)	(123,884)
Acquisition of businesses, net of cash acquired	(553,220)	(20,245)	(307,051)
Cash received from sale of real property	7,992	7,386	2,541
Other investing activities, net	6,824	(1,920)	1,326
Net cash used in investing activities	(682,836)	(124,016)	(427,068)
Cash flows from financing activities:
Proceeds from borrowings under Vail Holdings Credit Agreement term loan	509,375	0	250,000
Proceeds from borrowings under Vail Holdings Credit Agreement revolver	160,000	210,000	438,000
Proceeds from borrowings under Whistler Credit Agreement revolver	16,917	0	0
Repayments on tender of 6.50% Notes	0	0	(215,000)
Repayments on tender of Industrial Development Bonds	0	0	(41,200)
Repayments of borrowings under Vail Holdings Credit Agreement term loan	(28,125)	(9,375)	0
Repayments of borrowings under Vail Holdings Credit Agreement revolver	(185,000)	(320,000)	(253,000)
Repayments of borrowings under Whistler Credit Agreement revolver	(53,889)	0	0
Repurchases of common stock	(210)	(53,787)	0
Dividends paid	(146,235)	(103,835)	(75,506)
Other financing activities, net	(941)	5,780	11,957
Net cash provided by (used in) financing activities	271,892	(271,217)	115,251
Effect of exchange rate changes on cash and cash equivalents	3,522	909	(790)
Net increase (decrease) in cash and cash equivalents	49,492	32,438	(8,947)
Cash and cash equivalents:
Beginning of period	67,897	35,459	44,406
End of period	117,389	67,897	35,459
Cash paid for interest	46,454	33,243	46,483
Taxes paid, net	49,373	21,994
Taxes refunded, net			(4,421)
Accrued capital expenditures	14,631	16,267	6,267
Capital expenditures made under long-term financing	$ 0	$ 0	$ 7,037

Organization and Business

12 Months Ended

Jul. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

Vail Resorts, Inc. (“Vail Resorts”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its consolidated subsidiaries (collectively, the “Company”) operate in three business segments: Mountain, Lodging and Real Estate. Resort is the combination of the Mountain and Lodging segments.

In the Mountain segment, the Company operates eleven world-class mountain resort properties and three urban ski areas including:



Mountain Resorts:		Location:
1.	Vail Mountain Resort (“Vail Mountain”)	Colorado
2.	Breckenridge Ski Resort (“Breckenridge”)	Colorado
3.	Keystone Resort (“Keystone”)	Colorado
4.	Beaver Creek Resort (“Beaver Creek”)	Colorado
5.	Park City Resort (“Park City”)	Utah
6.	Heavenly Mountain Resort (“Heavenly”)	Lake Tahoe area of Nevada and California
7.	Northstar Resort (“Northstar”)	Lake Tahoe area of California
8.	Kirkwood Mountain Resort (“Kirkwood”)	Lake Tahoe area of California
9.	Perisher Ski Resort (“Perisher”)	New South Wales, Australia
10.	Whistler Blackcomb Resort (“Whistler Blackcomb”)	British Columbia, Canada
11.	Stowe Mountain Resort (“Stowe”)	Vermont
Urban Ski Areas (“Urban”):		Location:
1.	Wilmot Mountain (“Wilmot”)	Wisconsin
2.	Afton Alps Ski Area (“Afton Alps”)	Minnesota
3.	Mount Brighton Ski Area (“Mt. Brighton”)	Michigan

Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for Perisher including lodging and transportation operations. The resorts located in the United States (“U.S.”), except for Northstar, Park City, Stowe and the Urban ski areas, operate primarily on federal land under the terms of Special Use Permits granted by the U.S. Department of Agriculture Forest Service. The operations of Whistler Blackcomb are conducted on land owned by the government of the Province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations. The operations of Perisher are conducted pursuant to a long-term lease and license on land owned by the government of New South Wales, Australia. Stowe operates on land owned by the Company as well as land it leases from the State of Vermont.

In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand, as well as other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North American mountain resorts, National Park Service (“NPS”) concessionaire properties including the Grand Teton Lodge Company (“GTLC”), which operates destination resorts in Grand Teton National Park, Colorado Mountain Express (“CME”), a Colorado resort ground transportation company, and mountain resort golf courses.

Vail Resorts Development Company (“VRDC”), a wholly-owned subsidiary, conducts the operations of the Company’s Real Estate segment, which owns, develops and sells real estate in and around the Company’s resort communities.

The Company’s mountain business and its lodging properties at or around the Company’s mountain resorts are seasonal in nature with peak operating seasons primarily from mid-November through mid-April in North America. The Company’s operating season at Perisher, its NPS concessionaire properties and its golf courses generally occur from June to early October.

Summary of Significant Accounting Policies

12 Months Ended

Jul. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Financial Statement Presentation-- The Consolidated Statements of Operations for the years ended July 31, 2016 and 2015 have been revised to separately disclose revenues and costs from retail and dining operations, as well as general and administrative costs. Retail and dining revenues were previously included within Mountain and Lodging revenues, and the related costs were previously included in Mountain and Lodging operating costs. Management considers the change in presentation of our Consolidated Statement of Operations to be immaterial to all periods presented. There is no change to previously reported total net revenue, operating expense, income from operations, net income attributable to Vail Resorts, Inc., per share amounts or segment results.

Principles of Consolidation-- The accompanying Consolidated Financial Statements include the accounts of the Company, its consolidated subsidiaries for which the Company has a controlling financial interest. Investments in which the Company does not have a controlling financial interest are accounted for under the equity method. All significant intercompany transactions have been eliminated in consolidation.

Cash and Cash Equivalents-- The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

Accounts receivable-- The Company records trade accounts receivable in the normal course of business related to the sale of products or services. The Company generally charges interest on past due accounts at a rate of 18% per annum. The allowance for doubtful accounts is based on a specific reserve analysis and on a percentage of accounts receivable and takes into consideration such factors as historical write-offs, the economic climate and other factors that could affect collectability. Write-offs are evaluated on a case by case basis.

Inventories-- The Company’s inventories consist primarily of purchased retail goods, food and beverage items and spare parts. Inventories are stated at the lower of cost or fair value, determined using primarily an average weighted cost method. The Company records a reserve for estimated shrinkage and obsolete or unusable inventory.

Property, Plant and Equipment-- Property, plant and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property, plant and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are amortized on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property, plant and equipment under capital leases, generally based on the following useful lives:



	Estimated Life in Years
Land improvements	10-35
Buildings and building improvements	7-30
Machinery and equipment	2-30
Furniture and fixtures	3-10
Software	3
Vehicles	3-10

Real Estate Held for Sale and Investment-- The Company capitalizes as real estate held for sale and investment the original land acquisition cost, direct construction and development costs, property taxes, interest recorded on costs related to real estate under development and other related costs. Additionally, the Company records depreciation on completed condominium units that are placed in rental programs until such units are sold. Sales and marketing expenses are charged against income in the period incurred. Sales commission expenses are charged against income in the period that the related revenue from real estate sales is recorded.

Deferred Financing Costs-- Certain costs incurred with the issuance of debt securities are capitalized and included as a reduction in the net carrying value of long-term debt, net of accumulated amortization, with the exception of costs incurred related to line-of-credit arrangements, which are included in deferred charges and other assets, net of accumulated amortization. Amortization is charged to interest expense over the respective term of the applicable debt issues. When debt is extinguished prior to its maturity date, the amortization of the remaining unamortized deferred financing costs, or pro-rata portion thereof, is charged to loss on extinguishment of debt.

Goodwill and Intangible Assets-- The Company has classified as goodwill the cost in excess of estimated fair value of the net assets of businesses acquired in purchase transactions. The Company’s major intangible asset classes are trademarks, water rights, customer lists, property management contracts, Forest Service permits and excess reorganization value. Goodwill and various indefinite-lived intangible assets, including excess reorganization value and certain trademarks and water rights, are not amortized but are subject to at least annual impairment testing. The Company tests annually (or more often, if necessary) for impairment as of May 1. Amortizable intangible assets are amortized over the shorter of their contractual terms or estimated useful lives.

The testing for impairment consists of a comparison of the estimated fair value of the assets with their net carrying values. If the net carrying amount of the assets exceed its estimated fair value, an impairment will be recognized for indefinite-lived intangibles, excluding goodwill, in an amount equal to that excess. To the extent the net carrying amount of goodwill assigned to a reporting unit exceeds its estimated fair value, an impairment may be recognized based on a hypothetical purchase price allocation of the estimated fair value to the underlying assets and liabilities of the reporting unit. If the net carrying amount of the assets does not exceed the estimated fair value, no impairment loss is recognized. For the testing of goodwill for impairment, the Company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit exceeds the carrying amount. If it is determined, based on qualitative factors, that the fair value of the reporting unit may be more likely than not less than carrying amount, or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required, in which the Company determines the estimated fair value of its reporting units using discounted cash flow analyses. The estimated fair value of indefinite-lived intangible assets is estimated using an income approach. The Company determined that there was no impairment to goodwill definite or indefinite-lived intangible assets for the years ended July 31, 2017, 2016 and 2015.

Long-lived Assets-- The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the net carrying amount of an asset may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the net carrying amount of the asset, an impairment loss is recognized in the amount by which the net carrying amount of the asset exceeds its estimated fair value. The Company does not believe any events or changes in circumstances indicating an impairment of the net carrying amount of a long-lived asset occurred during the years ended July 31, 2017, 2016 and 2015.

Revenue Recognition-- The following describes the composition of revenues for the Company:

•

Mountain revenue is derived from a wide variety of sources, including, among other things, sales of lift tickets (including season passes), ski school operations, other on-mountain activities, dining operations, retail sales, equipment rentals, private ski club amortized initiation fees and dues, marketing and internet advertising, commercial leasing, employee housing, municipal services and lodging and transportation operations at Perisher, and is recognized as products are delivered or services are performed. The Company records deferred revenue related to the sale of season ski passes. The number of season pass holder visits is estimated based on historical data and the deferred revenue is recognized throughout the ski season based on this estimate, or on a straight-line basis if usage patterns cannot be determined based on available historical data.

•

Revenue from non-refundable private club initiation fees is recognized over the estimated life of the facilities on a straight-line basis upon inception of the club. As of July 31, 2017, the weighted average remaining period over which the private club initiation fees will be recognized is approximately 13 years. Additionally, certain club initiation fees are refundable in 30 years after the date of acceptance of a member. Under these memberships, the difference between the amount paid by the member and the present value of the refund obligation is recorded as deferred initiation fee revenue in the Company’s Consolidated Balance Sheets and recognized as revenue on a straight-line basis over 30 years. The present value of the refund obligation is recorded as an initiation deposit liability and accretes over the nonrefundable term using the effective interest method. The accretion is included in interest expense.

•

Lodging revenue is derived from a wide variety of sources, including, among other things, hotel operations, dining operations, property management services, managed hotel property payroll cost reimbursements, private golf club amortized initiation fees and dues, transportation services and golf course greens fees, and is recognized as products are delivered or services are performed. Revenue from payroll cost reimbursements relates to payroll costs of managed hotel properties where the Company is the employer. The reimbursements are based upon the costs incurred with no added margin; therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income.

•

Real estate revenue primarily includes the sale of land parcels and condominium units (of which the Company had sold-out of available condominium units as of July 31, 2017) and is recorded primarily using the full accrual method and occurs only upon the following: (i) substantial completion of the entire development project, if applicable, (ii) receipt of certificates of occupancy or temporary certificates of occupancy from local governmental agencies, if applicable, (iii) closing of the sales transaction including receipt of all, or substantially all, sales proceeds (including any deposits previously received) and (iv) transfer of ownership.

Real Estate Cost of Sales-- Costs of real estate transactions include direct project costs, common cost allocations (primarily determined on relative sales value) and sales commission expense. The Company utilizes the relative sales value method to determine cost of sales for condominium units sold within a project when specific identification of costs cannot be reasonably determined.

Foreign Currency Translation -- The functional currency of the Company’s entities operating outside of the United States is the principal currency of the economic environment in which the entity primarily generates and expends cash, which is the local currency. The assets and liabilities of these foreign operations are translated at the exchange rate in effect as of the balance sheet dates. Income and expense items are translated using the weighted average exchange rate for the period. Translation adjustments from currency exchange, including intercompany transactions of a long-term nature, are recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. Intercompany transactions that are not of a long-term nature are reported as gains and losses within “segment operating expense” and for intercompany loans within “foreign currency gain on intercompany loans” on the Company’s Consolidated Statements of Operations.

Reserve Estimates-- The Company uses estimates to record reserves for certain liabilities, including medical claims, workers’ compensation claims, third-party loss contingencies and property taxes, among other items. The Company estimates the probable costs related to these liabilities that will be incurred and records that amount as a liability in its consolidated financial statements. Additionally, the Company records, as applicable, receivables related to insurance recoveries for loss contingencies if deemed probable of recovery. These estimates are reviewed and adjusted as the facts and circumstances change. The Company records legal costs related to defending claims as incurred.

Advertising Costs-- Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended July 31, 2017, 2016 and 2015 was $40.0 million, $32.3 million and $27.5 million, respectively. Prepaid advertising costs as of July 31, 2017 and 2016 was $0.1 million and $0.3 million, respectively, and is reported within “other current assets” in the Company’s Consolidated Balance Sheets.

Income Taxes-- The Company’s provision for income taxes is based on current pre-tax income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying Consolidated Balance Sheets and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. The Company provides for taxes that may be payable if undistributed earnings of foreign subsidiaries were to be remitted to the U.S., except for those earnings that the Company considers to be permanently reinvested. The Company’s deferred tax assets have been reduced by a valuation allowance to the extent it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is “more-likely-than-not” to be sustained, on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the largest tax benefit that is cumulatively greater than 50% likely of being realized upon ultimate settlement. Interest and penalties accrued in connection with uncertain tax positions are recognized as a component of income tax expense (see Note 9, Income Taxes, for more information).

Fair Value of Financial Instruments-- The recorded amounts for cash and cash equivalents, receivables, other current assets and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Company’s credit agreements and the Employee Housing Bonds (as defined in Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate, which is a market rate, associated with the debt.

Stock-Based Compensation-- Stock-based compensation expense is measured at the grant date based upon the estimated fair value of the portion of the award that is ultimately expected to vest and is recognized as expense over the applicable vesting period of the award generally using the straight-line method (see Note 15, Stock Compensation Plan for more information). The following table shows total stock-based compensation expense for the years ended July 31, 2017, 2016 and 2015 included in the Consolidated Statements of Operations (in thousands):



	Year Ended July 31,
	2017		2016		2015
Mountain stock-based compensation expense	$	14,969	$	13,404	$	11,841
Lodging stock-based compensation expense	3,215		3,094		2,621
Real Estate stock-based compensation expense	131		527		1,291
Pre-tax stock-based compensation expense	18,315		17,025		15,753
Less: benefit from income taxes	6,290		6,057		6,026
Net stock-based compensation expense	$	12,025	$	10,968	$	9,727

Concentration of Credit Risk-- The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high-quality credit institutions. The Company does not enter into financial instruments for hedging, trading or speculative purposes. Concentration of credit risk with respect to accounts and notes receivables is limited due to the wide variety of customers and markets in which the Company transacts business, as well as their dispersion across many geographical areas. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions.

Use of Estimates-- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Recently Issued Accounting Standards

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification 605, “Revenue Recognition.” This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Subsequent to the issuance of ASU 2014-09, the FASB has issued several amendments, which do not change the core principle of the guidance and are intended to clarify and improve understanding of certain topics included within the revenue standard. This standard will be effective for the first interim period within fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019), using one of two retrospective application methods. The Company will not early adopt this standard and is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures and is determining the appropriate transition method.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes “Leases (Topic 840).” The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company’s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures. Additionally, the Company is evaluating the impacts of the standard beyond accounting, including system, data and process changes required to comply with the standard.

In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The new guidance requires companies to record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement when the awards vest or are settled. The guidance also requires companies to present excess tax benefits as an operating activity and cash paid to a taxing authority to satisfy statutory withholding as a financing activity on the statement of cash flows. Additionally, the guidance allows companies to make a policy election to account for forfeitures either upon occurrence or by estimating forfeitures. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018). The Company will adopt this standard in the first quarter of fiscal 2018 and will prospectively record excess tax benefits and deficiencies within the provision or benefit for income taxes on its Consolidated Statements of Operations when stock-based compensation awards vest or are exercised. This will increase volatility of the provision or benefit for income taxes as the amount of excess tax benefits or deficiencies from stock-based compensation awards are dependent on the Company’s stock price at the date the awards vest or are exercised. The Company will also prospectively present excess tax benefits as operating activities and cash paid to taxing authorities on an employee’s behalf as financing activities on its Consolidated Statements of Cash Flows, neither of which will have an impact to the Company’s total cash flows. Additionally, the Company will elect to record actual forfeitures for recording stock-based compensation expense when they occur, rather than estimate expected forfeitures, which is not expected to have a material impact to the consolidated financial statements.

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The standard provides guidance for eight targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019), with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s cash flows.

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The standard simplifies interim and annual goodwill impairment testing by eliminating step two, a hypothetical purchase price allocation, from the goodwill impairment test and leaving step one unchanged. Under the new guidance, companies will continue to complete step one by comparing the estimated fair value of their reporting units with their respective carrying amounts, and will recognize an impairment charge, if any, for the amount by which the carrying amount exceeds the reporting unit’s estimated fair value. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2019 (the Company’s first quarter of fiscal 2021), with early adoption permitted. The Company is currently analyzing provisions of the standard to determine if early adoption is warranted for purposes of simplification.

Net Income Per Common Share

12 Months Ended

Jul. 31, 2017

Earnings Per Share Reconciliation [Abstract]

Net Income Per Common Share

Earnings per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts.

In connection with the Company’s acquisition of Whistler Blackcomb in October 2016 (see Note 5, Acquisitions), the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”) and shares of the Company’s wholly-owned Canadian subsidiary (“Exchangeco”). Whistler Blackcomb shareholders elected to receive 3,327,719 Vail Shares and 418,095 shares of Exchangeco (the “Exchangeco Shares”). Both Vail Shares and Exchangeco Shares have a par value of $0.01 per share, and Exchangeco Shares, while outstanding, are substantially the economic equivalent of the Vail Shares and are exchangeable, at any time prior to the seventh anniversary of the closing of the acquisition, into Vail Shares. The Company’s calculation of weighted-average shares outstanding includes the Exchangeco Shares.

Presented below is basic and diluted EPS for the years ended July 31, 2017, 2016 and 2015 (in thousands, except per share amounts):



	Year Ended July 31,
	2017				2016				2015
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	210,553	$	210,553	$	149,754	$	149,754	$	114,754	$	114,754
Weighted-average shares outstanding	39,158		39,158		36,276		36,276		36,342		36,342
Weighted-average Exchangeco shares outstanding	93		93		—		—		—		—
Total Weighted-average shares outstanding	39,251		39,251		36,276		36,276		36,342		36,342
Effect of dilutive securities	—		1,115		—		1,036		—		1,064
Total shares	39,251		40,366		36,276		37,312		36,342		37,406
Net income per share attributable to Vail Resorts	$	5.36	$	5.22	$	4.13	$	4.01	$	3.16	$	3.07

The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable on the exercise of share based awards that were excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled approximately 9,000, 18,000 and 11,000 for the years ended July 31, 2017, 2016 and 2015, respectively.

Dividends

In fiscal 2011, the Company’s Board of Directors approved the commencement of a regular quarterly cash dividend on the Company’s common stock at an annual rate of $0.60 per share, subject to quarterly declaration. Since the initial commencement of a regular quarterly cash dividend, the Company’s Board of Directors has annually approved an increase to the cash dividend on the Company’s common stock and on March 9, 2017, the Company’s Board of Directors approved an increase of approximately 30% in the annual cash dividend to an annual rate of $4.212 per share, subject to quarterly declaration. For the year ended July 31, 2017, the Company paid cash dividends of $3.726 per share ($146.2 million in the aggregate). On September 27, 2017 the Company’s Board of Directors approved a quarterly cash dividend of $1.053 per share payable on October 27, 2017 to stockholders of record as of October 10, 2017. Additionally, a Canadian dollar equivalent dividend on the Exchangeco Shares will be payable on October 27, 2017 to the shareholders of record on October 10, 2017.

Long-Term Debt

12 Months Ended

Jul. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt as of July 31, 2017 and 2016 is summarized as follows (in thousands):



	Maturity	July 31, 2017		July 31, 2016
Vail Holdings Credit Agreement revolver (a)	2021	$	50,000	$	75,000
Vail Holdings Credit Agreement term loan (a)	2021	721,875		240,625
Whistler Credit Agreement revolver (b)	2021	113,119		—
Employee housing bonds (c)	2027-2039	52,575		52,575
Canyons obligation (d)	2063	328,786		323,099
Other (e)	2024-2028	10,166		11,021
Total debt		1,276,521		702,320
Less: Unamortized debt issuance costs		4,100		2,057
Less: Current maturities (f)		38,397		13,354
Long-term debt, net		$	1,234,024	$	686,909

(a)

On October 14, 2016, in order to finance the cash portion of the consideration and payment of associated fees and expenses of the Whistler Blackcomb acquisition (see Note 5, Acquisitions), the Company’s wholly-owned subsidiary, Vail Holdings, Inc. (“VHI”) entered into the Second Amendment to the Seventh Amended and Restated Credit Facility, dated as of May 1, 2015 (the “Vail Holdings Credit Agreement”), with Bank of America, N.A., as administrative agent, and other lenders named therein, through which these lenders provided an additional $509.4 million in incremental term loans and agreed, on behalf of all lenders, to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to October 14, 2021 (the “Amendment”). The Vail Holdings Credit Agreement consists of a $400.0 million revolving credit facility and a $750.0 million term loan facility. The other material terms of the Vail Holdings Credit Agreement were not altered by the Amendment. VHI’s obligations under the Vail Holdings Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries). In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $950.0 million and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $9.4 million, which began on January 31, 2017, in equal installments, with five percent payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in October 2021. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at the Company's option at the rate of (i) LIBOR plus 1.25% as of July 31, 2017 (2.48% as of July 31, 2017) or (ii) the Agent's prime lending rate plus a margin (2.48% as of July 31, 2017). Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, times the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit. The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the Adjusted EBITDA to interest on Funded Debt (as defined in the Vail Holdings Credit Agreement) ratio does not fall below the minimum ratio allowed at quarter-ends. The Vail Holdings Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company’s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Vail Holdings Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio.

(b)

The WB Partnerships (as defined in Note 5, Acquisitions) are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler Mountain Resort Limited Partnership (“Whistler LP”), Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a C$300.0 million revolving credit facility, which matures on November 12, 2021. The WB Partnerships’ obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to C$75.0 million subject to lender approval. Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of July 31, 2017, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum. As of July 31, 2017 all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers’ acceptances plus 1.75% (2.90% as of July 31, 2017). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of July 31, 2017 is equal to 0.3937% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type. In connection with the Whistler Blackcomb transaction, the WB Partnerships obtained an amendment to the Whistler Credit Agreement to waive the change of control provision that otherwise would have required repayment in full of the facility as a result of the closing of the Whistler Blackcomb acquisition and to extend the maturity to November 12, 2021.

(c)

The Company has recorded the outstanding debt of four Employee Housing Entities (each an “Employee Housing Entity” and collectively the “Employee Housing Entities”): Breckenridge Terrace, Tarnes, BC Housing and Tenderfoot. The proceeds of the Employee Housing Bonds were used to develop apartment complexes designated primarily for use by the Company’s seasonal employees at its Colorado mountain resorts. The Employee Housing Bonds are variable rate, interest-only instruments with interest rates tied to LIBOR plus 0% to 0.09% (1.23% to 1.32% as of July 31, 2017).

Interest on the Employee Housing Bonds is paid monthly in arrears and the interest rate is adjusted weekly. No principal payments are due on the Employee Housing Bonds until maturity. Each Employee Housing Entity’s bonds were issued in two series. The bonds for each Employee Housing Entity are backed by letters of credit issued under the Vail Holdings Credit Agreement. The table below presents the principal amounts outstanding for the Employee Housing Bonds as of July 31, 2017 (in thousands):



	Maturity (a)	Tranche A		Tranche B		Total
Breckenridge Terrace	2039	$	14,980	$	5,000	$	19,980
Tarnes	2039	8,000		2,410		10,410
BC Housing	2027	9,100		1,500		10,600
Tenderfoot	2035	5,700		5,885		11,585
Total		$	37,780	$	14,795	$	52,575

(d)

On May 24, 2013, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, entered into a transaction agreement (the “Transaction Agreement”) with affiliate companies of Talisker Corporation (“Talisker”) pursuant to which the parties entered into a master lease agreement (the “Lease”) and certain ancillary transaction documents on May 29, 2013 related to the former stand-alone Canyons Resort (“Canyons”), pursuant to which the Company assumed the resort operations of the Canyons. The Lease between VR CPC and Talisker has an initial term of 50 years with six 50-year renewal options. The Lease provides for $25 million in annual payments, which increase each year by an inflation linked index of CPI less 1%, with a floor of 2% per annum. Vail Resorts has guaranteed the payments under the Lease. The obligation at July 31, 2017 represents future lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10%, and includes accumulated accreted interest expense of $23.5 million.


(e)	Other obligations primarily consist of a $4.4 million note outstanding to the Colorado Water Conservation Board, which matures on September 16, 2028, and other financing arrangements. Other obligations, including the Colorado Water Conservation Board note, bear interest at rates ranging from 5.1% to 5.5%.


(f)	Current maturities represent principal payments due in the next 12 months.

Aggregate maturities for debt outstanding, including capital lease obligations, as of July 31, 2017 reflected by fiscal year are as follows (in thousands):



	Total
2018	$	38,397
2019	38,455
2020	38,516
2021	38,580
2022	736,141
Thereafter	386,432
Total debt	$	1,276,521

The Company recorded gross interest expense of $54.1 million, $42.4 million and $51.2 million for the years ended July 31, 2017, 2016 and 2015, respectively, of which $1.1 million, $1.0 million and $1.3 million, respectively, was amortization of deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.

In connection with the acquisition of Whistler Blackcomb, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb of $210.0 million requiring foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $15.3 million in foreign currency gains on the intercompany loan to Whistler Blackcomb during the year ended July 31, 2017 on the Company’s Consolidated Statements of Operations.

The Company recorded a loss on extinguishment of debt of $11.0 million for the year ended July 31, 2015 in connection with redemptions of the remaining $215.0 million of its 6.50% Senior Subordinated Notes (“6.50% Notes”) outstanding and the entire $41.2 million of its Industrial Development Bonds outstanding. The loss included early redemption premiums of 3.25% for the 6.50% Notes and 4.00% for the Industrial Development Bonds, or $8.6 million in total, and a $2.4 million write-off of associated unamortized debt issuance costs.

Acquisitions

12 Months Ended

Jul. 31, 2017

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

Whistler Blackcomb Pro Forma Financial Information

The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of Whistler Blackcomb was completed on August 1, 2015. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transactions; (iii) transaction and business integration related costs; (iv) interest expense associated with financing the cash portion of the acquisition; and (v) total weighted average shares outstanding related to the acquisition; and excludes the impact of the intercompany loan. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2015 (in thousands, except per share amounts).



	Year Ended July 31,
	2017		2016
Pro forma net revenue	$	1,929,882	$	1,835,924
Pro forma net income attributable to Vail Resorts, Inc.	$	212,475	$	170,855
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	5.31	$	4.27
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	5.16	$	4.16

Acquisitions


5.	Acquisitions

Stowe

On June 7, 2017, the Company, through a wholly-owned subsidiary, acquired Stowe Mountain Resort in Stowe, Vermont, from Mt. Mansfield Company, Inc., a wholly-owned subsidiary of American International Group, Inc., for total cash consideration of $40.9 million. The Company acquired all of the assets related to the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities). The purchase price was allocated to identifiable tangible and intangible assets acquired based on their estimated fair values at the acquisition date. The Company has completed its preliminary purchase price allocation and has recorded $39.3 million in property, plant and equipment; $3.0 million in intangible assets; $2.3 million in other assets; and $3.7 million of assumed liabilities on the date of acquisition. The Company has recognized $2.0 million of transaction related expenses associated with the transaction in Mountain and Lodging operating expense in the Consolidated Statements of Operations for the year ended July 31, 2017. The operating results of Stowe are reported within the Mountain segment.

Whistler Blackcomb

On October 17, 2016, the Company, through Exchangeco, acquired all of the outstanding common shares of Whistler Blackcomb, for aggregate purchase consideration paid to Whistler Blackcomb shareholders of $1.09 billion. The consideration paid consisted of (i) approximately C$673.8 million ($512.6 million) in cash (or C$17.50 per Whistler Blackcomb share), (ii)3,327,719 Vail Shares and (iii) 418,095 Exchangeco Shares. Each Exchangeco Share is exchangeable by the holder thereof for one Vail Share (subject to customary adjustments for stock splits or other reorganizations). In addition, the Company may require all outstanding Exchangeco Shares to be exchanged into an equal number of Vail Shares upon the occurrence of certain events and at any time following the seventh anniversary of the closing of the acquisition. While outstanding, holders of Exchangeco Shares are entitled to cast votes on matters for which holders of Vail Shares are entitled to vote and are entitled to receive dividends economically equivalent to the dividends declared by the Company with respect to the Vail Shares.

Whistler Blackcomb owns a 75% interest in each of Whistler LP and Blackcomb LP (the “WB Partnerships”), which together operate Whistler Blackcomb resort, a year round mountain resort in British Columbia, Canada with a comprehensive offering of recreational activities, including both snow sports and summer activities. The remaining 25% limited partnership interest in each of the WB Partnerships is owned by Nippon Cable Co. Ltd. (“Nippon Cable”), an unrelated party to the Company. The WB Partnerships hold land leases and rights-of-way under long-term agreements with the government of the province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations, which provide for the use of land at Whistler Mountain and Blackcomb Mountain.

The Company executed forward contracts for the underlying Canadian dollar cash consideration to economically hedge the risk associated with the U.S. dollar to Canadian dollar exchange rates. The Company’s total cost was $509.2 million to accumulate C$673.8 million which was required for the cash component of the purchase consideration. The estimated fair value of the Canadian dollars was approximately $512.6 million upon settlement. Accordingly, the Company realized a gain of $3.4 million on foreign currency exchange rate changes. The gain on foreign currency is a separate transaction as it primarily benefited the Company and therefore the Company recorded this gain within Investment income and other, net in its Consolidated Statements of Operations. The estimated fair value of $512.6 million is considered the cash component of the purchase consideration.

The Company held shares of Whistler Blackcomb common stock prior to the acquisition and, as such, the acquisition-date estimated fair value of this previously held investment was a component of the purchase consideration. Based on the acquisition-date estimated fair value of this investment of $4.3 million, the Company recorded a gain of $0.8 million within Investment income and other, net in its Consolidated Statements of Operations.

Nippon Cable’s 25% limited partnership interest is a noncontrolling economic interest containing certain protective rights and no ability to participate in the day to day operations of the WB Partnerships. The WB Partnership agreements provide that distributions made out of the partnerships be made on the basis of 75% to Whistler Blackcomb and 25% to Nippon Cable. In addition, based upon the terms of the WB Partnership agreements, the annual distribution rights are non-transferable and transfer of the limited partnership interest is limited to Nippon Cable’s entire interest. Accordingly, the estimate of fair value associated with the noncontrolling interest at the date of acquisition has been determined based on expected underlying cash flows of the WB Partnerships discounted at a rate commensurate with a market participant’s expected rate of return for an equity instrument with these associated restrictions.

The following summarizes the purchase consideration and the estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands, except exchange ratio and share price):



(in thousands, except exchange ratio and share price amounts)	Acquisition Date Estimated Fair Value
Total Whistler Blackcomb shares acquired	38,500
Exchange ratio as of October 14, 2016	0.097294
Total Vail Resorts shares issued to Whistler Blackcomb shareholders	3,746
Vail Resorts closing share price on October 14, 2016	$	153.41
Total value of Vail Resorts shares issued	$	574,645
Total cash consideration paid at C$17.50 ($13.31 on October 17, 2016) per Whistler Blackcomb share	512,558
Total purchase consideration to Whistler Blackcomb shareholders	1,087,203
Estimated fair value of previously held investment in Whistler Blackcomb	4,308
Estimated fair value of Nippon Cable’s 25% interest in Whistler Blackcomb	182,579
Total estimated purchase consideration	$	1,274,090

Allocation of total estimated purchase consideration:
Estimated fair values of assets acquired:
Current assets	$	36,820
Property, plant and equipment	332,609
Real estate held for sale and investment	8,216
Goodwill	956,739
Identifiable intangibles	152,035
Deferred income taxes, net	7,861
Other assets	1,973
Current liabilities	(74,086		)
Assumed long-term debt	(144,922		)
Other long-term liabilities	(3,155		)
Net assets acquired	$	1,274,090

During the year ended July 31, 2017, the Company recorded adjustments in the measurement period to its purchase price allocation of $7.9 million, net, which primarily increased the deferred income taxes, net asset with a corresponding decrease to goodwill.

The estimated fair values of assets acquired and liabilities assumed in the acquisition of Whistler Blackcomb are substantially complete and are based on the information that was available as of the acquisition date. The Company believes such information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the Company is obtaining additional information necessary to finalize those estimated fair values. Therefore, the measurements of estimated fair values reflected are subject to change. The Company expects to finalize the valuation and complete the purchase consideration allocation no later than one year from the acquisition date.

The estimated fair values of definite-lived and indefinite-lived identifiable intangible assets were determined using significant estimates and assumptions. The estimated fair value and estimated useful lives of identifiable intangible assets, where applicable, are as follows.



	Estimated Fair Value		Weighted Average Amortization Period
	($ in thousands)		(in years) ⁽¹⁾
Trademarks	$	139,977	n/a
Season pass holder relationships	7,950		5
Property management contracts	4,108		n/a
Total acquired identifiable intangible assets	$	152,035

⁽¹⁾Trademarks and property management contracts are indefinite-lived intangible assets.

The excess of the purchase consideration over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected cost efficiencies from the elimination of certain public company costs as well as other select areas of general and administrative functions, synergies, including utilization of the Company’s yield management strategies at Whistler Blackcomb and increased season pass sales and visitation across the Company’s resort portfolio, the assembled workforce of Whistler Blackcomb and other factors. The goodwill is not expected to be deductible for income tax purposes. The operating results of Whistler Blackcomb, which are primarily recorded in the Mountain segment, contributed $257.8 million of net revenue and $65.6 million of earnings for the year ended July 31, 2017, prospectively from the acquisition date of October 17, 2016. The Company recognized $3.2 million of Whistler Blackcomb transaction related expenses in Mountain and Lodging operating expense in the Consolidated Statements of Operations for the year ended July 31, 2017.

On February 23, 2017, Whistler LP, by its general partner Whistler Blackcomb Holdings Inc. (“WBHI”), a wholly-owned subsidiary of the Company, entered into a master development agreement (the “Whistler MDA”) with Her Majesty, the Queen in Right of British Columbia (the “Province”) with respect to the operation and development of Whistler Mountain. Additionally, on February 23, 2017, Blackcomb LP, by its general partner WBHI, entered into a master development agreement (the “Blackcomb MDA” and together with the Whistler MDA, the “MDAs”) with the Province with respect to the operation and development of Blackcomb Mountain. Each of Whistler LP and Blackcomb LP were operating under existing master development agreements that terminated upon execution of the new MDAs. The MDAs grant a general license to the WB Partnerships to use the Whistler Mountain lands and the Blackcomb Mountain lands for the operation and development of the Whistler Blackcomb Resort. Each WB Partnership is permitted to develop new improvements to Whistler Mountain or Blackcomb Mountain, as the case may be, within standard municipal type development control conditions. The MDAs each have a term of 60 years and are replaceable for an additional 60 years by option exercisable by the WB Partnerships after the first 30 years of the initial term. In accordance with the MDAs, each WB Partnership is obligated to pay annual fees to the Province at a rate of 2% of certain gross revenues related to the Whistler Blackcomb Resort.

Whistler Blackcomb Pro Forma Financial Information



	Year Ended July 31,
	2017		2016
Pro forma net revenue	$	1,929,882	$	1,835,924
Pro forma net income attributable to Vail Resorts, Inc.	$	212,475	$	170,855
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	5.31	$	4.27
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	5.16	$	4.16

Wilmot Mountain

On January 19, 2016, the Company, through a wholly-owned subsidiary, acquired all of the assets of Wilmot, a ski area located in Wisconsin near the Illinois state line, for total cash consideration of $20.2 million. The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the acquisition date. The Company has completed its purchase price allocation and has recorded $12.5 million in property, plant and equipment, $0.2 million in other assets, $0.4 million in other intangible assets (with a weighted-average amortization period of 10 years at the date of acquisition) and $0.3 million of assumed liabilities on the date of acquisition. The excess of the purchase price over the aggregate fair value of assets acquired and liabilities assumed was $7.4 million and was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Wilmot and other factors. The goodwill is deductible for income tax purposes. The operating results of Wilmot are reported within the Mountain segment.

Perisher Ski Resort

On June 30, 2015, the Company, through a wholly-owned subsidiary, acquired all of the entities that operate Perisher in New South Wales, Australia for total cash consideration of $124.6 million, net of cash acquired. The Company funded the cash purchase price through borrowings under the revolver portion of the Vail Holdings Credit Agreement. Perisher holds a long-term lease and license with the New South Wales Government under the National Parks and Wildlife Act, which expires in 2048 with a 20-year renewal option. The Company acquired the entities that hold the assets and conduct operations, including the long-term lease and license with the New South Wales government for the ski area and related amenities of Perisher, as well as assumed liabilities.

The following summarizes the estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands).



	Acquisition Date Estimated Fair Value
Accounts receivable	$	1,494
Inventory	4,859
Property, plant and equipment	126,287
Intangible assets	5,458
Other assets	525
Goodwill	31,657
Total identifiable assets acquired	170,280
Accounts payable and accrued liabilities	11,394
Deferred revenue	15,906
Deferred income tax liability, net	18,429
Total liabilities assumed	45,729
Total purchase price, net of cash acquired	$	124,551

The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Perisher and other factors. None of the goodwill is deductible for income tax purposes under Australian tax law. The intangible assets primarily consist of trademarks and customer lists. The definite-lived intangible assets have a weighted-average amortization period of approximately 4 years at the date of acquisition. The operating results of Perisher, which are recorded in the Mountain segment, contributed $21.8 million of net revenue for the year ended July 31, 2015. The Company recognized $5.2 million of transaction related expenses, including duties, in Mountain and Lodging operating expense in the Consolidated Statements of Operations for the year ended July 31, 2015.

Park City Mountain Resort

On September 11, 2014, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, and Greater Park City Company, Powdr Corp., Greater Properties, Inc., Park Properties, Inc. and Powdr Development Company (collectively, “Park City Sellers”) entered into a Purchase and Sale Agreement (the “Purchase Agreement”) providing for the acquisition of substantially all of the assets related to Park City Mountain Resort in Park City, Utah. The cash purchase price was $182.5 million and was funded through borrowings under the revolver portion of the Vail Holdings Credit Agreement.

As provided under the Purchase Agreement, the Company acquired the property, assets and operations of Park City Mountain Resort, which includes the ski area and related amenities, from Park City Sellers and assumed leases of certain realty, acquired certain assets and assumed certain liabilities of Park City Sellers relating to Park City Mountain Resort. In addition to the Purchase Agreement, the parties settled the litigation related to the validity of a lease of certain land owned by Talisker Land Holdings, LLC under the ski terrain of Park City Mountain Resort (the “Park City Litigation”). In connection with settling the Park City Litigation, the Company recorded a non-cash gain of $16.4 million in the Mountain segment for the year ended July 31, 2015. The gain on litigation settlement represents the estimated fair value of the rents (including damages and interest) due the Company from the Park City Sellers for their use of land and improvements from the Canyons transaction date of May 29, 2013 to the Park City Mountain Resort acquisition date. Additionally, the Company assigned a fair value of $10.1 million to the settlement of the Park City Litigation that applied to the period prior to the Canyons transaction. The combined estimated fair value of the Park City Litigation settlement of $26.5 million was determined by applying market capitalization rates to the estimated fair market value of the land and improvements, plus an estimate of statutory damages and interest. The estimated fair value of the Park City Litigation settlement was not received in cash, but was instead reflected as part of the cash price negotiated for the Park City Mountain Resort acquisition. Accordingly, the estimated fair value of the Park City Litigation settlement was included in the total consideration for the acquisition of Park City Mountain Resort. However, the gain on the Park City Litigation settlement was recorded as a separate transaction, as discussed above. Under an agreement entered into in conjunction with the Canyons transaction, the Company made a $10.0 million payment to Talisker in the year ended July 31, 2015, resulting from the settlement of the Park City Litigation.

The following summarizes the estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands).



	Acquisition Date Estimated Fair Value
Accounts receivable	$	930
Other assets	3,075
Property, plant and equipment	76,605
Deferred income tax assets, net	7,428
Real estate held for sale and investment	7,000
Intangible assets	27,650
Goodwill	92,516
Total identifiable assets acquired	215,204
Accounts payable and accrued liabilities	1,935
Deferred revenue	4,319
Total liabilities assumed	6,254
Total purchase price	$	208,950

During the year ended July 31, 2015, the Company recorded an adjustment in the measurement period to its purchase price allocation of $13.0 million, which reduced real estate held for sale and investment with a corresponding increase to goodwill.

The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Park City Mountain Resort and other factors. The majority of goodwill is deductible for income tax purposes. The intangible assets primarily consist of trademarks, water rights and customer lists. The intangible assets have a weighted-average amortization period of approximately 46 years at the date of acquisition. The operating results of Park City Mountain Resort, which are recorded in the Mountain segment, contributed $67.1 million of net revenue (including an allocation of season pass revenue) for the year ended July 31, 2015. The Company recognized $0.8 million of transaction related expenses in Mountain and Lodging operating expense in the Consolidated Statements of Operations for the year ended July 31, 2015.

Certain land and improvements in the Park City Mountain Resort ski area (excluding the base area) were part of the Talisker leased premises to Park City Mountain Resort and was subject to the Park City Litigation as of the Canyons transaction date, and as such, was recorded as a deposit (“Park City Deposit”) for the potential future interests in the land and associated improvements at its estimated fair value in conjunction with the Canyons Transaction Agreement. Upon settlement of the Park City Litigation, the land and improvements associated with the Talisker leased premises became subject to the Canyons lease, and as a result, the Company reclassified the Park City Deposit to the respective assets within property, plant and equipment in the year ended July 31, 2015. The inclusion of the land and certain land improvements that was subject to the Park City Litigation and now included in the Canyons lease requires no additional consideration from the Company to Talisker, but the financial contribution from the operations of Park City Mountain Resort will be included as part of the calculation of EBITDA for the resort operations, and as a result, factor into the participating contingent payments (see Note 8, Fair Value Measurements). The majority of the assets acquired under the Park City Mountain Resort acquisition, although not under lease, are subject to the terms and conditions of the

Whistler Blackcomb [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Whistler Blackcomb



(in thousands, except exchange ratio and share price amounts)	Acquisition Date Estimated Fair Value
Total Whistler Blackcomb shares acquired	38,500
Exchange ratio as of October 14, 2016	0.097294
Total Vail Resorts shares issued to Whistler Blackcomb shareholders	3,746
Vail Resorts closing share price on October 14, 2016	$	153.41
Total value of Vail Resorts shares issued	$	574,645
Total cash consideration paid at C$17.50 ($13.31 on October 17, 2016) per Whistler Blackcomb share	512,558
Total purchase consideration to Whistler Blackcomb shareholders	1,087,203
Estimated fair value of previously held investment in Whistler Blackcomb	4,308
Estimated fair value of Nippon Cable’s 25% interest in Whistler Blackcomb	182,579
Total estimated purchase consideration	$	1,274,090

Allocation of total estimated purchase consideration:
Estimated fair values of assets acquired:
Current assets	$	36,820
Property, plant and equipment	332,609
Real estate held for sale and investment	8,216
Goodwill	956,739
Identifiable intangibles	152,035
Deferred income taxes, net	7,861
Other assets	1,973
Current liabilities	(74,086		)
Assumed long-term debt	(144,922		)
Other long-term liabilities	(3,155		)
Net assets acquired	$	1,274,090



	Estimated Fair Value		Weighted Average Amortization Period
	($ in thousands)		(in years) ⁽¹⁾
Trademarks	$	139,977	n/a
Season pass holder relationships	7,950		5
Property management contracts	4,108		n/a
Total acquired identifiable intangible assets	$	152,035

⁽¹⁾Trademarks and property management contracts are indefinite-lived intangible assets.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1524-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4934-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4926-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Supplementary Balance Sheet Information

12 Months Ended

Jul. 31, 2017

Balance Sheet Related Disclosures [Abstract]

Supplementary Balance Sheet Information

The composition of property, plant and equipment, including capital lease assets, follows (in thousands):



	July 31,
	2017			2016
Land and land improvements	$	553,655		$	440,300
Buildings and building improvements	1,210,864			1,025,515
Machinery and equipment	987,080			866,008
Furniture and fixtures	280,292			284,959
Software	108,048			103,754
Vehicles	59,596			58,159
Construction in progress	49,359			39,396
Gross property, plant and equipment	3,248,894			2,818,091
Accumulated depreciation	(1,534,740		)	(1,454,277		)
Property, plant and equipment, net	$	1,714,154		$	1,363,814

During the year ended July 31, 2016, the Company recorded the disposal of gross property, plant and equipment of $67.4 million from prior years, which had been fully depreciated resulting in a corresponding reduction to accumulated depreciation and no net effect to the net carrying value of Property, plant and equipment, net. Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2017, 2016 and 2015 totaled $180.8 million, $156.8 million and $144.0 million, respectively.

The following table shows the composition of property, plant and equipment recorded under capital leases as of July 31, 2017 and 2016 (in thousands):



	July 31,
	2017			2016
Land	$	31,818		$	31,818
Land improvements	49,228			49,228
Buildings and building improvements	42,910			42,910
Machinery and equipment	61,156			61,175
Gross property, plant and equipment	185,112			185,131
Accumulated depreciation	(37,000		)	(27,110		)
Property, plant and equipment, net	$	148,112		$	158,021

The composition of goodwill and intangible assets follows (in thousands):



	July 31,
	2017			2016
Goodwill
Goodwill	$	1,537,097		$	526,391
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	$	1,519,743		$	509,037

Indefinite-lived intangible assets
Trademarks	$	216,923		$	67,705
Other	41,275			37,548
Total gross indefinite-lived intangible assets	258,198			105,253
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	233,485			80,540
Amortizable intangible assets
Trademarks	39,071			37,635
Other	49,804			41,889
Total gross amortizable intangible assets	88,875			79,524
Accumulated amortization	(27,428		)	(20,057		)
Amortizable intangible assets, net	61,447			59,467
Total gross intangible assets	347,073			184,777
Total accumulated amortization	(52,141		)	(44,770		)
Total intangible assets, net	$	294,932		$	140,007

During the year ended July 31, 2016, the Company recorded the disposal of gross amortizable intangible assets of $39.4 million from prior years, which had been fully amortized resulting in a corresponding reduction to accumulated amortization and no net effect to the net carrying value of intangible assets, net. Amortization expense for intangible assets subject to amortization for the years ended July 31, 2017, 2016 and 2015 totaled $8.3 million, $4.7 million and $5.1 million, respectively, and is estimated to be approximately $3.0 million annually, on average, for the next five fiscal years.

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2017 and 2016 are as follows (in thousands):



	Mountain		Lodging		Goodwill, net
Balance at July 31, 2015	$	432,534	$	67,899	$	500,433
Acquisitions	7,400		—		7,400
Effects of changes in foreign currency exchange rates	1,204		—		1,204
Balance at July 31, 2016	441,138		67,899		509,037
Acquisition	956,739		—		956,739
Effects of changes in foreign currency exchange rates	53,967		—		53,967
Balance at July 31, 2017	$	1,451,844	$	67,899	$	1,519,743

The composition of accounts payable and accrued liabilities follows (in thousands):



	July 31,
	2017		2016
Trade payables	$	71,558	$	72,658
Deferred revenue	240,096		182,506
Accrued salaries, wages and deferred compensation	44,869		43,086
Accrued benefits	32,505		29,175
Deposits	23,742		23,307
Other accruals	54,899		46,756
Total accounts payable and accrued liabilities	$	467,669	$	397,488

The composition of other long-term liabilities follows (in thousands):



	July 31,
	2017		2016
Private club deferred initiation fee revenue	$	118,417	$	121,750
Unfavorable lease obligation, net	24,664		27,322
Other long-term liabilities	158,655		121,096
Total other long-term liabilities	$	301,736	$	270,168

Investments in Affiliates

12 Months Ended

Jul. 31, 2017

Long-term Investments [Abstract]

Investments in Affiliates

The Company held the following investments in equity method affiliates as of July 31, 2017:



Equity Method Affiliates	Ownership Interest
Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC (“SSF/VARE”)	50%
KRED	50%
Clinton Ditch and Reservoir Company	43%

The Company had total net investments in equity method affiliates of $7.6 million and $7.5 million as of July 31, 2017 and 2016, respectively, classified as “deferred charges and other assets” in the accompanying Consolidated Balance Sheets. The amount of retained earnings that represent undistributed earnings of 50-percent-or-less-owned entities accounted for by the equity method was $4.3 million and $4.2 million as of July 31, 2017 and 2016, respectively. During the years ended July 31, 2017, 2016 and 2015, distributions in the amounts of $1.9 million, $1.3 million and $1.0 million, respectively, were received from equity method affiliates.

SSF/VARE is a real estate brokerage with multiple locations in Eagle and Summit Counties, Colorado in which the Company has a 50% ownership interest. SSF/VARE leases space for real estate offices from the Company. The Company recognized approximately $0.4 million, $0.4 million and $0.5 million in revenue related to these leases, respectively, for the years ended July 31, 2017, 2016 and 2015.

Fair Value Measurements

12 Months Ended

Jul. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

The FASB issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows:

Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities;

Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and

Level 3: Unobservable inputs which are supported by little or no market activity.

The table below summarizes the Company’s cash equivalents, Contingent Consideration and interest rate swap measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands):



	Estimated Fair Value Measurement as of July 31, 2017
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,008	$	3,008	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	2,405	$	—	$	2,405	$	—
Interest Rate Swap	$	236	$	—	$	236	$	—
Liabilities:
Contingent Consideration	$	27,400	$	—	$	—	$	27,400

	Estimated Fair Value Measurement as of July 31, 2016
Description	Total		Level 1		Level 2		Level 3
Assets:
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	2,403	$	—	$	2,403	$	—
Liabilities:
Contingent Consideration	$	11,100	$	—	$	—	$	11,100

The Company’s cash equivalents and interest rate swap are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The interest rate swap is an instrument assumed in the Whistler Blackcomb acquisition that expires in September 2020, and as of July 31, 2017 is a C$125.0 million ($100.3 million) fixed swap on the floating interest rate on the Whistler Credit Agreement. Interest rate swap settlements and changes in estimated fair value are recognized in interest expense, net on the Consolidated Statement of Operations.

The following change in Contingent Consideration during the years ended July 31, 2017 and 2016 were as follows (in thousands):



Balance at July 31, 2015	$	6,900
Change in fair value	4,200
Balance at July 31, 2016	11,100
Change in fair value	16,300
Balance at July 31, 2017	$	27,400

The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company. The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 10.2%, volatility of 16.0% and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $4.5 million to $6.5 million.

The Contingent Consideration is classified as a liability in our Consolidated Balance Sheets and is remeasured to an estimated fair value at each reporting date until the contingency is resolved. During the year ended July 31, 2017, the Company increased the estimated fair value of the Contingent Consideration by $16.3 million, resulting in an estimated fair value of the Contingent Consideration of $27.4 million as of July 31, 2017, which is presented in “accounts payable and accrued liabilities” and “other long-term liabilities” in the Consolidated Balance Sheets. The increase in the estimated fair value of Contingent Consideration is primarily attributable to a change in assumptions for future period EBITDA of Park City.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

12 Months Ended

Jul. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

U.S. and foreign components of income before provision for income taxes is as follows (in thousands):



	Year Ended July 31,
	2017		2016		2015
U.S.	$	251,478	$	231,756	$	142,190
Foreign	96,971		10,863		7,138
Income before income taxes	$	348,449	$	242,619	$	149,328

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands):



	July 31,
	2017			2016
Deferred income tax liabilities:
Fixed assets	$	180,480		$	180,267
Intangible assets	65,614			59,009
Other	31,191			7,933
Total	277,285			247,209
Deferred income tax assets:
Canyons obligation	19,276			18,984
Stock-based compensation	17,862			17,287
Investment in Partnerships	17,511			8,108
Deferred compensation and other accrued benefits	15,215			17,426
Contingent Consideration	10,472			4,244
Unfavorable lease obligation, net	9,542			10,904
Net operating loss carryforwards and other tax credits	12,783			8,268
Other, net	19,468			35,635
Total	122,129			120,856
Valuation allowance for deferred income taxes	(6,955		)	(3,641		)
Deferred income tax assets, net of valuation allowance	115,174			117,215
Net deferred income tax liability	$	162,111		$	129,994

The components of deferred income taxes recognized in the Consolidated Balance Sheets are as follows (in thousands):



	July 31,
	2017		2016
Non-current deferred income tax asset	$	9,331	$	—
Net non-current deferred income tax liability	171,442		129,994
Net deferred income tax liability	$	162,111	$	129,994

Significant components of the provision for income taxes are as follows (in thousands):



	Year Ended July 31,
	2017		2016			2015
Current:
Federal	$	55,887	$	70,553		$	12,668
State	8,096		10,555			5,501
Foreign	16,311		4,431			3,581
Total current	80,294		85,539			21,750
Deferred:
Federal	29,065		7,603			11,534
State	3,601		1,051			1,623
Foreign	3,771		(1,028		)	(189		)
Total deferred	36,437		7,626			12,968
Provision for income taxes	$	116,731	$	93,165		$	34,718

A reconciliation of the income tax provision from continuing operations and the amount computed by applying the United States federal statutory income tax rate to income before income taxes is as follows:



	Year Ended July 31,
	2017		2016		2015
At U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
State income tax, net of federal benefit	2.2	%	3.1	%	3.2	%
IRS settlement on NOL utilization	—	%	—	%	(16.0	)%
Change in valuation allowance	0.9	%	0.1	%	0.5	%
Noncontrolling interests	(2.1	)%	—	%	—	%
Foreign rate differential	(1.8	)%	(0.2	)%	—	%
Other	(0.7	)%	0.4	%	0.5	%
Effective tax rate	33.5	%	38.4	%	23.2	%

A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest and penalties, if applicable, is as follows (in thousands):



	Year Ended July 31,
	2017		2016		2015
Balance, beginning of year	$	57,032	$	38,572	$	46,973
Additions based on tax positions related to the current year	—		—		—
Additions for tax positions of prior years	19,079		18,460		17,443
Reductions for tax positions of prior years	—		—		(21,574		)
Lapse of statute of limitations	—		—		—
Settlements	—		—		(4,270		)
Balance, end of year	$	76,111	$	57,032	$	38,572

As of July 31, 2017, the Company’s unrecognized tax benefits associated with uncertain tax positions relate to the treatment of the Talisker lease payments as payments of debt obligations and that the tax basis in Canyons goodwill is deductible, and are included within “other long-term liabilities” in the accompanying Consolidated Balance Sheets.

The Company does not anticipate a significant change to its unrecognized tax benefits recorded as of July 31, 2017 during the year ending July 31, 2018. As of July 31, 2017 and 2016, accrued interest and penalties, net of tax, was $3.6 million and $1.6 million, respectively. For the years ended July 31, 2017, 2016 and 2015, the Company recognized as income tax expense (benefit) $2.0 million, $1.1 million and $(1.4 million) of interest expense (income) and penalties, net of tax, respectively.

The Company had federal NOL carryforwards that expired in the year ended July 31, 2008 and were limited in deductibility each year under Section 382 of the Internal Revenue Code. The Company had only been able to use these NOL carryforwards to the extent of approximately $8.0 million per year through December 31, 2007. However, during the year ended July 31, 2005, the Company amended previously filed tax returns (for tax years 1997-2002) in an effort to remove the restrictions under Section 382 of the Internal Revenue Code on approximately $73.8 million of NOL carryforwards to reduce future taxable income. As a result, the Company requested a refund related to the amended returns in the amount of $6.2 million and reduced its federal tax liability in the amount of $19.6 million in subsequent returns. These NOL carryforwards relate to fresh start accounting from the Company’s reorganization in 1992. During the year ended July 31, 2006, the Internal Revenue Service (“IRS”) completed its examination of the Company’s filing position in these amended returns and disallowed the Company’s request for refund and its position to remove the restrictions under Section 382 of the Internal Revenue Code. The Company appealed the examiner’s disallowance of these NOL carryforwards to the Office of Appeals. In December 2008, the Office of Appeals denied the Company’s appeal, as well as a request for mediation. The Company disagreed with the IRS interpretation disallowing the utilization of the NOL’s and in August 2009, the Company filed a complaint in the United States District Court for the District of Colorado against the United States of America seeking a refund of approximately $6.2 million in federal income taxes paid, plus interest. On July 1, 2011, the District Court granted the Company summary judgment, concluding that the IRS’s decision disallowing the utilization of the NOLs was inappropriate. The computations themselves, however, remained in dispute, and the District Court’s ruling was subject to appeal by the IRS. Subsequently, the District Court proceedings were continued pending settlement discussions between the parties.

The Company also filed two related tax proceedings in the United States Tax Court regarding calculation of NOL carryover deductions for tax years 2006, 2007 and 2008. The two proceedings involved substantially the same issues as the litigation in the District Court for tax years 2000 and 2001 in which the Company disagreed with the IRS as to the utilization of NOLs. Like the District Court proceedings, the Tax Court proceedings were continued pending settlement discussions between the parties.

On January 29, 2015, the parties completed the execution of a comprehensive settlement agreement resolving all issues and computations in the above mentioned pending proceedings, which allowed the Company to utilize a significant portion of the NOLs. As a result, the Company reversed $27.7 million of other long-term liabilities related to uncertain tax benefits, and recorded income tax benefits of $23.8 million for the utilization of the NOLs, including the reversal of accrued interest and penalties, within its Consolidated Statements of Operations for the year ended July 31, 2015.

The Company’s major tax jurisdictions in which it files income tax returns is the U.S. federal jurisdiction, various state jurisdictions, Australia, and Canada. As discussed above, on January 29, 2015, all issues and computations were resolved upon the completion of a comprehensive settlement agreement with the IRS in regards to the federal NOL carryforward dispute. The Company is no longer subject to U.S. federal examinations for tax years prior to 2014. With few exceptions, the Company is no longer subject to examination by various state jurisdictions for tax years prior to 2012.

The Company has NOL carryforwards totaling $34.5 million which are primarily comprised of state net operating loss (“NOL”) carryforwards that expire by the year ending July 31, 2031. As of July 31, 2017, the Company recorded a valuation allowance on $29.5 million of these NOL carryforwards as the Company has determined that it is more likely than not that these NOL carryforwards will not be realized. Additionally, the Company has foreign tax credit carryforwards of $9.9 million which expire by the year ending July 31, 2027. As of July 31, 2017, the Company has recorded a valuation allowance of $4.2 million on foreign tax credit carryforwards as the Company has determined that it is more likely than not that these foreign tax credit carryforwards will not be realized.

The Company intends to indefinitely reinvest undistributed earnings, if any, in its Canadian foreign subsidiary. As of July 31, 2017, there are no unremitted earnings in our Canadian foreign subsidiary, and therefore no additional tax due to the extent of eventual remittance.

Related Party Transactions	12 Months Ended
Related Party Transactions	Jul. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has the right to appoint four of nine directors of the Beaver Creek Resort Company of Colorado (“BCRC”), a non-profit entity formed for the benefit of property owners and certain others in Beaver Creek. The Company has a management agreement with the BCRC, renewable for one-year periods, to provide management services on a fixed fee basis. Management fees and reimbursement of operating expenses paid to the Company under its agreement with the BCRC during the years ended July 31, 2017, 2016 and 2015 were $8.9 million, $8.4 million and $7.1 million, respectively.

Commitments and Contingencies

12 Months Ended

Jul. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Metropolitan Districts

The Company credit-enhances $6.3 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through an $6.4 million letter of credit issued under the Vail Holdings Credit Agreement. HCMD’s bonds were issued and used to build infrastructure associated with the Company’s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds. The Company recorded a liability of $2.0 million, primarily within “other long-term liabilities” in the accompanying Consolidated Balance Sheets, as of both July 31, 2017 and 2016 with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates that it will make capital improvement fee payments under this arrangement through the year ending July 31, 2031.

Guarantees/Indemnifications

As of July 31, 2017, the Company had various other letters of credit in the amount of $64.4 million, consisting primarily of $53.4 million in support of the Employee Housing Bonds and $11.0 million for workers’ compensation, general liability construction related deductibles and other activities. The Company also had surety bonds of $9.3 million as of July 31, 2017, primarily to provide collateral for its workers compensation self-insurance programs.

In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees, and liabilities associated with the Company’s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make.

As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any future amounts paid.

Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Financial Statements, either because the Company has recorded on its Consolidated Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based upon the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material.

As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications.

Commitments

The operations of Northstar are conducted on land and with operating assets owned by affiliates of EPR Properties, a real-estate investment trust, primarily under operating leases which were assumed in the acquisition of Northstar by the Company. The leases provide for the payment of a minimum annual base rent with a rate of 10.25% increasing to 11.0% of assets under lease over the lease term which is recognized on a straight-line basis over the remaining lease term from the date of assumption. In addition, the leases provide for the payment of percentage rent at a rate of 11.5% of certain gross revenues generated at the property over a revenue threshold which is incrementally adjusted annually. The initial term of the leases expires in fiscal 2027 and allows for three 10-year extensions at the Company’s option. The operations of Perisher are conducted on land under a license and lease granted by the Office of Environment and Heritage, an agency of the New South Wales government, that initially commenced in 2008, which the Company assumed in its acquisition of Perisher. The lease and license has a term that expires in fiscal 2048 and allows for an option to renew for an additional 20 years. The lease and license provide for the payment of an initial minimum annual base rent of AUS $1.8 million, with annual CPI increases, and percentage rent at a rate of 2% of certain gross revenue generated at the property.

In addition, the Company has executed or assumed as lessee other operating leases for the rental of office and commercial space, employee residential units and land primarily through fiscal 2079. Certain of these leases have renewal terms at the Company’s option, escalation clauses, rent holidays and leasehold improvement incentives.

Rent holidays and rent escalation clauses are recognized on a straight-line basis over the lease term. Leasehold improvement incentives are recorded as leasehold improvements and amortized over the shorter of their economic lives or the term of the lease. For the years ended July 31, 2017, 2016 and 2015, the Company recorded lease expense (including Northstar and Perisher), excluding executory costs, related to these agreements of $51.9 million, $44.4 million and $39.5 million, respectively, which is included in the accompanying Consolidated Statements of Operations.

As of July 31, 2017, the Canyons obligation was $328.8 million, which represents the estimated annual lease payments for the remaining initial 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10%.

Future minimum operating lease payments under the above leases and future minimum capital lease payments under the Canyons obligation as of July 31, 2017 reflected by fiscal year are as follows (in thousands):



	Operating Leases		Capital Leases
2018	$	40,783	$	27,156
2019	35,338		27,699
2020	31,876		28,253
2021	29,453		28,818
2022	26,110		29,394
Thereafter	149,285		1,865,612
Total future minimum lease payments	$	312,845	$	2,006,932
Less amount representing interest			(1,678,146		)
Net future minimum lease payments			$	328,786

Self Insurance

The Company in the U.S. is self-insured for claims under its health benefit plans and for the majority of workers’ compensation claims. Workers compensation claims are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 6, Supplementary Balance Sheet Information).

Legal

The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for loss contingencies for all known matters that are deemed to be probable losses and estimable. As of July 31, 2017 and 2016, the accrual for loss contingencies was not material individually or in the aggregate.

Segment Information

12 Months Ended

Jul. 31, 2017

Segment Reporting [Abstract]

Segment Information

Segment and Geographic Area Information

Segment Information

The Company has three reportable segments: Mountain, Lodging and Real Estate. Resort is the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessionaire properties, condominium management, CME and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately.

The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus or minus segment equity investment income or loss, plus gain on litigation settlement and for the Real Estate segment, plus gain on sale of real property). The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance.

Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income, net change in cash and cash equivalents or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity.

The Company utilizes Reported EBITDA in evaluating performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus or minus Mountain equity investment income or loss plus gain on litigation settlement. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below. The accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies.

Following is key financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands):



	Year Ended July 31,
	2017			2016			2015
Net revenue:
Lift tickets	$	818,341		$	658,047		$	536,458
Ski school	177,748			143,249			126,206
Dining	150,587			121,008			101,010
Retail/rental	293,428			241,134			219,153
Other	171,682			141,166			121,202
Total Mountain net revenue	1,611,786			1,304,604			1,104,029
Lodging	278,514			274,554			254,553
Resort	1,890,300			1,579,158			1,358,582
Real Estate	16,918			22,128			41,342
Total net revenue	$	1,907,218		$	1,601,286		$	1,399,924
Segment operating expense:
Mountain	$	1,047,331		$	881,472		$	777,147
Lodging	251,427			246,385			232,877
Resort	1,298,758			1,127,857			1,010,024
Real Estate	24,083			24,639			48,408
Total segment operating expense	$	1,322,841		$	1,152,496		$	1,058,432
Gain on litigation settlement	$	—		$	—		$	16,400
Gain on sale of real property	$	6,766		$	5,295		$	151
Mountain equity investment income, net	$	1,883		$	1,283		$	822
Reported EBITDA:
Mountain	$	566,338		$	424,415		$	344,104
Lodging	27,087			28,169			21,676
Resort	593,425			452,584			365,780
Real Estate	(399		)	2,784			(6,915		)
Total Reported EBITDA	$	593,026		$	455,368		$	358,865
Real estate held for sale and investment	$	103,405		$	111,088		$	129,825
Reconciliation to net income attributable to Vail Resorts, Inc.:
Total Reported EBITDA	$	593,026		$	455,368		$	358,865
Depreciation and amortization	(189,157		)	(161,488		)	(149,123		)
Change in fair value of contingent consideration	(16,300		)	(4,200		)	3,650
Loss on disposal of fixed assets and other, net	(6,430		)	(5,418		)	(2,057		)
Investment income and other, net	6,114			723			246
Foreign currency gain on intercompany loans	15,285			—			—
Interest expense, net	(54,089		)	(42,366		)	(51,241		)
Loss on extinguishment of debt	—			—			(11,012		)
Income before provision for income taxes	348,449			242,619			149,328
Provision for income taxes	(116,731		)	(93,165		)	(34,718		)
Net income	231,718			149,454			114,610
Net (income) loss attributable to noncontrolling interests	(21,165		)	300			144
Net income attributable to Vail Resorts, Inc.	$	210,553		$	149,754		$	114,754

Geographic Information

Net revenue and property, plant and equipment, net by geographic region are as follows (in thousands).



	Year Ended July 31,
Net revenue	2017		2016		2015
U.S.	$	1,578,276	$	1,534,716	$	1,375,190
International (a)	328,942		66,570		24,734
Total net revenue	$	1,907,218	$	1,601,286	$	1,399,924

			As of July 31,
Property, plant and equipment, net			2017		2016
U.S.			$	1,260,220	$	1,247,838
International (a)			453,933		115,977
Total property, plant and equipment, net			$	1,714,154	$	1,363,814

(a) The only individual international country (i.e. except the U.S.) to account for more than 10% of the Company’s revenue and property plant and equipment, net was Canada. Canada accounted for $257.8 million of revenue for the year ended July 31, 2017 and for $338.8 million of property, plant and equipment, net as of July 31, 2017.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Selected Quarterly Financial Data

12 Months Ended

Jul. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data

Selected Quarterly Financial Data (Unaudited)



	Year Ended July 31, 2017
(in thousands, except per share amounts)	Year		Fourth Quarter			Third Quarter		Second Quarter		First Quarter
Total net revenue	$	1,907,218	$	209,124		$	794,631	$	725,198	$	178,265
Income (loss) from operations	$	379,256	$	(102,577	)	$	320,073	$	252,278	$	(90,518	)
Net income (loss)	$	231,718	$	(61,248	)	$	196,856	$	159,728	$	(63,618	)
Net income (loss) attributable to Vail Resorts, Inc.	$	210,553	$	(57,146	)	$	181,107	$	149,179	$	(62,587	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	5.36	$	(1.43	)	$	4.52	$	3.72	$	(1.70	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	5.22	$	(1.43	)	$	4.40	$	3.63	$	(1.70	)



	Year Ended July 31, 2016
(in thousands, except per share amounts)	Year		Fourth Quarter			Third Quarter		Second Quarter		First Quarter
Total net revenue	$	1,601,286	$	179,884		$	647,472	$	599,363	$	174,567
Income (loss) from operations	$	282,979	$	(93,776	)	$	263,380	$	200,064	$	(86,689	)
Net income (loss)	$	149,454	$	(65,284	)	$	157,537	$	116,871	$	(59,670	)
Net income (loss) attributable to Vail Resorts, Inc.	$	149,754	$	(65,273	)	$	157,632	$	116,982	$	(59,587	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	4.13	$	(1.80	)	$	4.35	$	3.23	$	(1.63	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	4.01	$	(1.80	)	$	4.23	$	3.14	$	(1.63	)

Stock Repurchase Plan	12 Months Ended
Stock Repurchase Plan	Jul. 31, 2017
Payments for Repurchase of Equity [Abstract]
Stock Repurchase Plan	Share Repurchase Program On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 shares of common stock. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 shares for a total authorization to repurchase shares of up to 7,500,000 shares. During the year ended July 31, 2017, the Company repurchased 1,317 shares (at a total cost of $0.2 million). During the year ended July 31, 2016, the Company repurchased 485,866 shares (at a total cost of $53.8 million).The Company did not repurchase any shares of common stock during the year ended July 31, 2015. Since inception of this stock repurchase program through July 31, 2017, the Company has repurchased 5,436,294 shares at a cost of approximately $247.2 million. As of July 31, 2017, 2,063,706 shares remained available to repurchase under the existing repurchase authorization. These authorizations have no expiration date. Shares of common stock purchased pursuant to the repurchase program will be held as treasury shares and may be used for issuance under the Company’s employee share award plan.

Stock Compensation Plan

12 Months Ended

Jul. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Compensation Plan

The Company has a share award plan (the “Plan”) which has been approved by the Company’s stockholders. Under the Plan, up to 4.4 million shares of common stock could be issued in the form of options, stock appreciation rights, restricted shares, restricted share units, performance shares, performance share units, dividend equivalents or other share-based awards to employees, directors or consultants of the Company or its subsidiaries or affiliates. The terms of awards granted under the Plan, including exercise price, vesting period and life, are set by the Compensation Committee of the Board of Directors. All share-based awards (except for restricted shares and restricted share units) granted under the Plan have a life of ten years. Most awards vest ratably over three years; however, some have been granted with different vesting schedules. Of the awards outstanding, none have been granted to non-employees (except those granted to non-employee members of the Board of Directors of the Company) under the Plan. At July 31, 2017, approximately 4.1 million share based awards were available to be granted under the Plan.

The fair value of stock-settled stock appreciation rights (“SARs”) granted in the years ended July 31, 2017, 2016 and 2015 were estimated on the date of grant using a lattice-based option valuation model that applies the assumptions noted in the table below. A lattice-based model considers factors such as exercise behavior, and assumes employees will exercise equity awards at different times over the contractual life of the equity awards. As a lattice-based model considers these factors, and is more flexible, the Company considers it to be a better method of valuing equity awards than a closed-form Black-Scholes model. Because lattice-based option valuation models incorporate ranges of assumptions for inputs, those ranges are disclosed. Expected volatility is based on historical volatility of the Company’s stock. The Company uses historical data to estimate equity award exercises and employee terminations within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of equity awards granted is derived from the output of the option valuation model and represents the period of time that equity awards granted are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant.



	Year Ended July 31,
	2017	2016	2015
Expected volatility	40.3%	40.4%	40.6%
Expected dividends	2.2%	2.2%	1.9%
Expected term (average in years)	5.5-6.2	5.3-5.9	4.9-5.6
Risk-free rate	0.5-1.5%	0.3-2.2%	0.1-2.6%

The Company has estimated forfeiture rates that range from 0.0% to 22.2% based upon the class of employees receiving stock-based compensation in its calculation of stock-based compensation expense for the year ended July 31, 2017. These estimates are based on historical forfeiture behavior exhibited by employees of the Company.

A summary of aggregate option and SARs award activity under the Plan as of July 31, 2015, 2016 and 2017, and changes during the years then ended is presented below (in thousands, except exercise price and contractual term):



	Awards		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at August 1, 2014	2,756		$	42.06
Granted	242		91.64
Exercised	(575	)	36.20
Forfeited or expired	(38	)	75.99
Outstanding at July 31, 2015	2,385		47.96
Granted	198		113.67
Exercised	(180	)	49.79
Forfeited or expired	(22	)	80.42
Outstanding at July 31, 2016	2,381		$	52.98
Granted	143		174.42
Exercised	(215	)	60.05
Forfeited or expired	(19	)	108.06
Outstanding at July 31, 2017	2,290		$	59.12	4.4 years	$	347,214
Vested and expected to vest at July 31, 2017	2,267		$	58.38	4.3 years	$	345,458
Exercisable at July 31, 2017	1,972		$	46.84	3.7 years	$	323,243

The weighted-average grant-date fair value of SARs granted during the years ended July 31, 2017, 2016 and 2015 was $50.78, $35.20 and $29.12, respectively. The total intrinsic value of options and SARs exercised during the years ended July 31, 2017, 2016 and 2015 was $22.6 million, $13.1 million and $37.4 million, respectively. The Company had 247,000, 302,000 and 420,000 SARs that vested during the years ended July 31, 2017, 2016 and 2015, respectively. These awards had a total estimated fair value of $19.6 million, $10.8 million and $13.6 million at the date of vesting for the years ended July 31, 2017, 2016 and 2015, respectively.

A summary of the status of the Company’s nonvested SARs as of July 31, 2017 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Outstanding at July 31, 2016	441	$	30.39
Granted	143	50.78
Vested	(247)	29.36
Forfeited	(19)	36.65
Nonvested at July 31, 2017	318	$	42.46

A summary of the status of the Company’s nonvested restricted share units as of July 31, 2017 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Outstanding at July 31, 2016	261	$	90.54
Granted	91	154.19
Vested	(121)	83.75
Forfeited	(20)	109.12
Nonvested at July 31, 2017	211	$	119.97

The Company granted 91,000 restricted share units during the year ended July 31, 2017 with a weighted-average grant-date estimated fair value of $154.19. The Company granted 142,000 restricted share units during the year ended July 31, 2016 with a weighted-average grant-date estimated fair value of $102.20. The Company granted 143,000 restricted share units during the year ended July 31, 2015 with a weighted-average grant-date estimated fair value of $83.50. The Company had 121,000, 134,000 and 113,000 restricted share units that vested during the years ended July 31, 2017, 2016 and 2015, respectively. These units had a total estimated fair value of $19.3 million, $14.6 million and $9.9 million at the date of vesting for the years ended July 31, 2017, 2016 and 2015, respectively.

As of July 31, 2017, there was $20.2 million of total unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the Plan, of which $12.6 million, $6.6 million and $1.0 million of expense is expected to be recognized in the years ending July 31, 2018, 2019 and 2020, respectively, assuming no future share-based awards are granted.

Cash received from options exercised under all share-based payment arrangements was zero, zero and $1.1 million for the years ended July 31, 2017, 2016 and 2015, respectively. The tax benefit realized or to be realized from options/SARs exercised and restricted stock units vested was $15.5 million, $10.3 million and $18.1 million for the years ended July 31, 2017, 2016 and 2015, respectively.

The Company has a policy of using either authorized and unissued shares or treasury shares, including shares acquired by purchase in the open market, to satisfy equity award exercises.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Retirement and Profit Sharing Plans	12 Months Ended
Retirement and Profit Sharing Plans	Jul. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Retirement and Profit Sharing Plans	Retirement and Profit Sharing Plans The Company maintains a defined contribution retirement plan (the “Retirement Plan”), qualified under Section 401(k) of the Internal Revenue Code, for its U.S. employees. Under this Retirement Plan, U.S. employees are eligible to make before-tax contributions on the first day of the calendar month following the later of: (i) their employment commencement date or (ii) the date they turn 21. Participants may contribute up to 100% of their qualifying annual compensation up to the annual maximum specified by the Internal Revenue Code. The Company matches an amount equal to 50% of each participant’s contribution up to 6% of a participant’s bi-weekly qualifying compensation starting the pay period containing the 1^st of the month after obtaining the later of: (i) 12 months of employment with at least 1,000 service hours from the commencement date or (ii) if 1,000 hours within the first 12 months was not completed, then after the employee completed a cumulative 1,500 service hours. The Company’s matching contribution is entirely discretionary and may be reduced or eliminated at any time. Total Retirement Plan expense recognized by the Company for the years ended July 31, 2017, 2016 and 2015 was $5.4 million, $5.3 million and $4.5 million, respectively.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jul. 31, 2017

Accounting Policies [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

Principles of Consolidation

Cash and Cash Equivalents

Cash and Cash Equivalents-- The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

Accounts Receivable

Inventories

Property, Plant and Equipment



	Estimated Life in Years
Land improvements	10-35
Buildings and building improvements	7-30
Machinery and equipment	2-30
Furniture and fixtures	3-10
Software	3
Vehicles	3-10

Real Estate Held for Sale and Investment

Deferred Financing Costs

Goodwill and Intangible Assets

Long-lived Assets

Revenue Recognition

Revenue Recognition-- The following describes the composition of revenues for the Company:

•

Real Estate Cost of Sales

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Reserve Estimates

Advertising Costs

Income Taxes

Fair Value of Financial Instruments

Stock-Based Compensation



	Year Ended July 31,
	2017		2016		2015
Mountain stock-based compensation expense	$	14,969	$	13,404	$	11,841
Lodging stock-based compensation expense	3,215		3,094		2,621
Real Estate stock-based compensation expense	131		527		1,291
Pre-tax stock-based compensation expense	18,315		17,025		15,753
Less: benefit from income taxes	6,290		6,057		6,026
Net stock-based compensation expense	$	12,025	$	10,968	$	9,727

Concentration of Credit Risk

Use of Estimates

New Accounting Standards

Recently Issued Accounting Standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jul. 31, 2017

Accounting Policies [Abstract]

Summary On Estimated Useful Life Of Property, Plant And Equipment

Depreciation is calculated on the straight-line method, including property, plant and equipment under capital leases, generally based on the following useful lives:



	Estimated Life in Years
Land improvements	10-35
Buildings and building improvements	7-30
Machinery and equipment	2-30
Furniture and fixtures	3-10
Software	3
Vehicles	3-10

Allocation Of Stock-Based Compensation Expense

The following table shows total stock-based compensation expense for the years ended July 31, 2017, 2016 and 2015 included in the Consolidated Statements of Operations (in thousands):



	Year Ended July 31,
	2017		2016		2015
Mountain stock-based compensation expense	$	14,969	$	13,404	$	11,841
Lodging stock-based compensation expense	3,215		3,094		2,621
Real Estate stock-based compensation expense	131		527		1,291
Pre-tax stock-based compensation expense	18,315		17,025		15,753
Less: benefit from income taxes	6,290		6,057		6,026
Net stock-based compensation expense	$	12,025	$	10,968	$	9,727

Net Income Per Common Share (Tables)

12 Months Ended

Jul. 31, 2017

Earnings Per Share Reconciliation [Abstract]

Summary Of Calculation On Basic And Diluted EPS

Presented below is basic and diluted EPS for the years ended July 31, 2017, 2016 and 2015 (in thousands, except per share amounts):



	Year Ended July 31,
	2017				2016				2015
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	210,553	$	210,553	$	149,754	$	149,754	$	114,754	$	114,754
Weighted-average shares outstanding	39,158		39,158		36,276		36,276		36,342		36,342
Weighted-average Exchangeco shares outstanding	93		93		—		—		—		—
Total Weighted-average shares outstanding	39,251		39,251		36,276		36,276		36,342		36,342
Effect of dilutive securities	—		1,115		—		1,036		—		1,064
Total shares	39,251		40,366		36,276		37,312		36,342		37,406
Net income per share attributable to Vail Resorts	$	5.36	$	5.22	$	4.13	$	4.01	$	3.16	$	3.07

Long-Term Debt (Tables)

12 Months Ended

Jul. 31, 2016

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term debt as of July 31, 2017 and 2016 is summarized as follows (in thousands):



	Maturity	July 31, 2017		July 31, 2016
Vail Holdings Credit Agreement revolver (a)	2021	$	50,000	$	75,000
Vail Holdings Credit Agreement term loan (a)	2021	721,875		240,625
Whistler Credit Agreement revolver (b)	2021	113,119		—
Employee housing bonds (c)	2027-2039	52,575		52,575
Canyons obligation (d)	2063	328,786		323,099
Other (e)	2024-2028	10,166		11,021
Total debt		1,276,521		702,320
Less: Unamortized debt issuance costs		4,100		2,057
Less: Current maturities (f)		38,397		13,354
Long-term debt, net		$	1,234,024	$	686,909

(a)

(b)

(c)



	Maturity (a)	Tranche A		Tranche B		Total
Breckenridge Terrace	2039	$	14,980	$	5,000	$	19,980
Tarnes	2039	8,000		2,410		10,410
BC Housing	2027	9,100		1,500		10,600
Tenderfoot	2035	5,700		5,885		11,585
Total		$	37,780	$	14,795	$	52,575

(d)


(e)	Other obligations primarily consist of a $4.4 million note outstanding to the Colorado Water Conservation Board, which matures on September 16, 2028, and other financing arrangements. Other obligations, including the Colorado Water Conservation Board note, bear interest at rates ranging from 5.1% to 5.5%.


(f)	Current maturities represent principal payments due in the next 12 months.

Schedule Of Aggregate Maturities For Debt Outstanding

Aggregate maturities for debt outstanding, including capital lease obligations, as of July 31, 2017 reflected by fiscal year are as follows (in thousands):



	Total
2018	$	38,397
2019	38,455
2020	38,516
2021	38,580
2022	736,141
Thereafter	386,432
Total debt	$	1,276,521

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Acquisitions (Tables)

12 Months Ended

Jul. 31, 2017

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

Whistler Blackcomb Pro Forma Financial Information



	Year Ended July 31,
	2017		2016
Pro forma net revenue	$	1,929,882	$	1,835,924
Pro forma net income attributable to Vail Resorts, Inc.	$	212,475	$	170,855
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$	5.31	$	4.27
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$	5.16	$	4.16

Supplementary Balance Sheet Information (Tables)

12 Months Ended

Jul. 31, 2017

Balance Sheet Related Disclosures [Abstract]

Composition Of Property, Plant And Equipment

The composition of property, plant and equipment, including capital lease assets, follows (in thousands):



	July 31,
	2017			2016
Land and land improvements	$	553,655		$	440,300
Buildings and building improvements	1,210,864			1,025,515
Machinery and equipment	987,080			866,008
Furniture and fixtures	280,292			284,959
Software	108,048			103,754
Vehicles	59,596			58,159
Construction in progress	49,359			39,396
Gross property, plant and equipment	3,248,894			2,818,091
Accumulated depreciation	(1,534,740		)	(1,454,277		)
Property, plant and equipment, net	$	1,714,154		$	1,363,814

Composition Of Goodwill And Intangible Assets

The composition of goodwill and intangible assets follows (in thousands):



	July 31,
	2017			2016
Goodwill
Goodwill	$	1,537,097		$	526,391
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	$	1,519,743		$	509,037

Indefinite-lived intangible assets
Trademarks	$	216,923		$	67,705
Other	41,275			37,548
Total gross indefinite-lived intangible assets	258,198			105,253
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	233,485			80,540
Amortizable intangible assets
Trademarks	39,071			37,635
Other	49,804			41,889
Total gross amortizable intangible assets	88,875			79,524
Accumulated amortization	(27,428		)	(20,057		)
Amortizable intangible assets, net	61,447			59,467
Total gross intangible assets	347,073			184,777
Total accumulated amortization	(52,141		)	(44,770		)
Total intangible assets, net	$	294,932		$	140,007

Changes In Goodwill Amount

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2017 and 2016 are as follows (in thousands):



	Mountain		Lodging		Goodwill, net
Balance at July 31, 2015	$	432,534	$	67,899	$	500,433
Acquisitions	7,400		—		7,400
Effects of changes in foreign currency exchange rates	1,204		—		1,204
Balance at July 31, 2016	441,138		67,899		509,037
Acquisition	956,739		—		956,739
Effects of changes in foreign currency exchange rates	53,967		—		53,967
Balance at July 31, 2017	$	1,451,844	$	67,899	$	1,519,743

Components Of Accounts Payable And Accrued Liabilities

The composition of accounts payable and accrued liabilities follows (in thousands):



	July 31,
	2017		2016
Trade payables	$	71,558	$	72,658
Deferred revenue	240,096		182,506
Accrued salaries, wages and deferred compensation	44,869		43,086
Accrued benefits	32,505		29,175
Deposits	23,742		23,307
Other accruals	54,899		46,756
Total accounts payable and accrued liabilities	$	467,669	$	397,488

Components Of Other Long-Term Liabilities

The composition of other long-term liabilities follows (in thousands):



	July 31,
	2017		2016
Private club deferred initiation fee revenue	$	118,417	$	121,750
Unfavorable lease obligation, net	24,664		27,322
Other long-term liabilities	158,655		121,096
Total other long-term liabilities	$	301,736	$	270,168

Fair Value Measurements (Tables)

12 Months Ended

Jul. 31, 2017

Fair Value Disclosures [Abstract]

Summary Of Cash Equivalents Measured At Fair Value



	Estimated Fair Value Measurement as of July 31, 2017
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	3,008	$	3,008	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	2,405	$	—	$	2,405	$	—
Interest Rate Swap	$	236	$	—	$	236	$	—
Liabilities:
Contingent Consideration	$	27,400	$	—	$	—	$	27,400

	Estimated Fair Value Measurement as of July 31, 2016
Description	Total		Level 1		Level 2		Level 3
Assets:
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	2,403	$	—	$	2,403	$	—
Liabilities:
Contingent Consideration	$	11,100	$	—	$	—	$	11,100

Income Taxes (Tables)

12 Months Ended

Jul. 31, 2017

Income Tax Disclosure [Abstract]

Components Of Deferred Tax Liabilities And Assets

Significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands):



	July 31,
	2017			2016
Deferred income tax liabilities:
Fixed assets	$	180,480		$	180,267
Intangible assets	65,614			59,009
Other	31,191			7,933
Total	277,285			247,209
Deferred income tax assets:
Canyons obligation	19,276			18,984
Stock-based compensation	17,862			17,287
Investment in Partnerships	17,511			8,108
Deferred compensation and other accrued benefits	15,215			17,426
Contingent Consideration	10,472			4,244
Unfavorable lease obligation, net	9,542			10,904
Net operating loss carryforwards and other tax credits	12,783			8,268
Other, net	19,468			35,635
Total	122,129			120,856
Valuation allowance for deferred income taxes	(6,955		)	(3,641		)
Deferred income tax assets, net of valuation allowance	115,174			117,215
Net deferred income tax liability	$	162,111		$	129,994

Balance Sheet Summary of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred income taxes recognized in the Consolidated Balance Sheets are as follows (in thousands):



	July 31,
	2017		2016
Non-current deferred income tax asset	$	9,331	$	—
Net non-current deferred income tax liability	171,442		129,994
Net deferred income tax liability	$	162,111	$	129,994

Components Of Provision (Benefit) For Income Taxes

Significant components of the provision for income taxes are as follows (in thousands):



	Year Ended July 31,
	2017		2016			2015
Current:
Federal	$	55,887	$	70,553		$	12,668
State	8,096		10,555			5,501
Foreign	16,311		4,431			3,581
Total current	80,294		85,539			21,750
Deferred:
Federal	29,065		7,603			11,534
State	3,601		1,051			1,623
Foreign	3,771		(1,028		)	(189		)
Total deferred	36,437		7,626			12,968
Provision for income taxes	$	116,731	$	93,165		$	34,718

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

U.S. and foreign components of income before provision for income taxes is as follows (in thousands):



	Year Ended July 31,
	2017		2016		2015
U.S.	$	251,478	$	231,756	$	142,190
Foreign	96,971		10,863		7,138
Income before income taxes	$	348,449	$	242,619	$	149,328

Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation



	Year Ended July 31,
	2017		2016		2015
At U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
State income tax, net of federal benefit	2.2	%	3.1	%	3.2	%
IRS settlement on NOL utilization	—	%	—	%	(16.0	)%
Change in valuation allowance	0.9	%	0.1	%	0.5	%
Noncontrolling interests	(2.1	)%	—	%	—	%
Foreign rate differential	(1.8	)%	(0.2	)%	—	%
Other	(0.7	)%	0.4	%	0.5	%
Effective tax rate	33.5	%	38.4	%	23.2	%

Reconciliation Of Unrecognized Tax Benefits



	Year Ended July 31,
	2017		2016		2015
Balance, beginning of year	$	57,032	$	38,572	$	46,973
Additions based on tax positions related to the current year	—		—		—
Additions for tax positions of prior years	19,079		18,460		17,443
Reductions for tax positions of prior years	—		—		(21,574		)
Lapse of statute of limitations	—		—		—
Settlements	—		—		(4,270		)
Balance, end of year	$	76,111	$	57,032	$	38,572

Segment Information (Tables)

12 Months Ended

Jul. 31, 2017

Segment Reporting [Abstract]

Summary Of Financial Information By Reportable Segment

Following is key financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands):



	Year Ended July 31,
	2017			2016			2015
Net revenue:
Lift tickets	$	818,341		$	658,047		$	536,458
Ski school	177,748			143,249			126,206
Dining	150,587			121,008			101,010
Retail/rental	293,428			241,134			219,153
Other	171,682			141,166			121,202
Total Mountain net revenue	1,611,786			1,304,604			1,104,029
Lodging	278,514			274,554			254,553
Resort	1,890,300			1,579,158			1,358,582
Real Estate	16,918			22,128			41,342
Total net revenue	$	1,907,218		$	1,601,286		$	1,399,924
Segment operating expense:
Mountain	$	1,047,331		$	881,472		$	777,147
Lodging	251,427			246,385			232,877
Resort	1,298,758			1,127,857			1,010,024
Real Estate	24,083			24,639			48,408
Total segment operating expense	$	1,322,841		$	1,152,496		$	1,058,432
Gain on litigation settlement	$	—		$	—		$	16,400
Gain on sale of real property	$	6,766		$	5,295		$	151
Mountain equity investment income, net	$	1,883		$	1,283		$	822
Reported EBITDA:
Mountain	$	566,338		$	424,415		$	344,104
Lodging	27,087			28,169			21,676
Resort	593,425			452,584			365,780
Real Estate	(399		)	2,784			(6,915		)
Total Reported EBITDA	$	593,026		$	455,368		$	358,865
Real estate held for sale and investment	$	103,405		$	111,088		$	129,825
Reconciliation to net income attributable to Vail Resorts, Inc.:
Total Reported EBITDA	$	593,026		$	455,368		$	358,865
Depreciation and amortization	(189,157		)	(161,488		)	(149,123		)
Change in fair value of contingent consideration	(16,300		)	(4,200		)	3,650
Loss on disposal of fixed assets and other, net	(6,430		)	(5,418		)	(2,057		)
Investment income and other, net	6,114			723			246
Foreign currency gain on intercompany loans	15,285			—			—
Interest expense, net	(54,089		)	(42,366		)	(51,241		)
Loss on extinguishment of debt	—			—			(11,012		)
Income before provision for income taxes	348,449			242,619			149,328
Provision for income taxes	(116,731		)	(93,165		)	(34,718		)
Net income	231,718			149,454			114,610
Net (income) loss attributable to noncontrolling interests	(21,165		)	300			144
Net income attributable to Vail Resorts, Inc.	$	210,553		$	149,754		$	114,754

Revenue and Properties, Plant and Equipment from External Customers by Geographic Areas [Table Text Block]

Geographic Information

Net revenue and property, plant and equipment, net by geographic region are as follows (in thousands).



	Year Ended July 31,
Net revenue	2017		2016		2015
U.S.	$	1,578,276	$	1,534,716	$	1,375,190
International (a)	328,942		66,570		24,734
Total net revenue	$	1,907,218	$	1,601,286	$	1,399,924

			As of July 31,
Property, plant and equipment, net			2017		2016
U.S.			$	1,260,220	$	1,247,838
International (a)			453,933		115,977
Total property, plant and equipment, net			$	1,714,154	$	1,363,814

Selected Quarterly Financial Data (Tables)

12 Months Ended

Jul. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data



	Year Ended July 31, 2017
(in thousands, except per share amounts)	Year		Fourth Quarter			Third Quarter		Second Quarter		First Quarter
Total net revenue	$	1,907,218	$	209,124		$	794,631	$	725,198	$	178,265
Income (loss) from operations	$	379,256	$	(102,577	)	$	320,073	$	252,278	$	(90,518	)
Net income (loss)	$	231,718	$	(61,248	)	$	196,856	$	159,728	$	(63,618	)
Net income (loss) attributable to Vail Resorts, Inc.	$	210,553	$	(57,146	)	$	181,107	$	149,179	$	(62,587	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	5.36	$	(1.43	)	$	4.52	$	3.72	$	(1.70	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	5.22	$	(1.43	)	$	4.40	$	3.63	$	(1.70	)



	Year Ended July 31, 2016
(in thousands, except per share amounts)	Year		Fourth Quarter			Third Quarter		Second Quarter		First Quarter
Total net revenue	$	1,601,286	$	179,884		$	647,472	$	599,363	$	174,567
Income (loss) from operations	$	282,979	$	(93,776	)	$	263,380	$	200,064	$	(86,689	)
Net income (loss)	$	149,454	$	(65,284	)	$	157,537	$	116,871	$	(59,670	)
Net income (loss) attributable to Vail Resorts, Inc.	$	149,754	$	(65,273	)	$	157,632	$	116,982	$	(59,587	)
Basic net income (loss) per share attributable to Vail Resorts, Inc.	$	4.13	$	(1.80	)	$	4.35	$	3.23	$	(1.63	)
Diluted net income (loss) per share attributable to Vail Resorts, Inc.	$	4.01	$	(1.80	)	$	4.23	$	3.14	$	(1.63	)

Stock Compensation Plan (Tables)

12 Months Ended

Jul. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule Of Share Based Compensation Valuation Model

The risk-free rate for periods within the contractual life of the equity award is based on the United States Treasury yield curve in effect at the time of grant.



	Year Ended July 31,
	2017	2016	2015
Expected volatility	40.3%	40.4%	40.6%
Expected dividends	2.2%	2.2%	1.9%
Expected term (average in years)	5.5-6.2	5.3-5.9	4.9-5.6
Risk-free rate	0.5-1.5%	0.3-2.2%	0.1-2.6%

Schedule Of Share Based Compensation Option And SARs Award Activity



	Awards		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at August 1, 2014	2,756		$	42.06
Granted	242		91.64
Exercised	(575	)	36.20
Forfeited or expired	(38	)	75.99
Outstanding at July 31, 2015	2,385		47.96
Granted	198		113.67
Exercised	(180	)	49.79
Forfeited or expired	(22	)	80.42
Outstanding at July 31, 2016	2,381		$	52.98
Granted	143		174.42
Exercised	(215	)	60.05
Forfeited or expired	(19	)	108.06
Outstanding at July 31, 2017	2,290		$	59.12	4.4 years	$	347,214
Vested and expected to vest at July 31, 2017	2,267		$	58.38	4.3 years	$	345,458
Exercisable at July 31, 2017	1,972		$	46.84	3.7 years	$	323,243

Schedule of Share Based Compensation SARs Activity

A summary of the status of the Company’s nonvested SARs as of July 31, 2017 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Outstanding at July 31, 2016	441	$	30.39
Granted	143	50.78
Vested	(247)	29.36
Forfeited	(19)	36.65
Nonvested at July 31, 2017	318	$	42.46

Schedule Of Share Based Compensation Restricted Stock Units Activity

A summary of the status of the Company’s nonvested restricted share units as of July 31, 2017 and changes during the year then ended is presented below (in thousands, except fair value amounts):



	Awards	Weighted-Average Grant-Date Fair Value
Outstanding at July 31, 2016	261	$	90.54
Granted	91	154.19
Vested	(121)	83.75
Forfeited	(20)	109.12
Nonvested at July 31, 2017	211	$	119.97

Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	12 Months Ended
	Jul. 31, 2017 USD ($) yr	Jul. 31, 2016 USD ($)	Jul. 31, 2015 USD ($)
Interest rate charged on past due accounts	18.00%
Document Fiscal Year Focus	2017
Impairment to goodwill or intangible assets	$ 0.0	$ 0.0	$ 0.0
Average remaining period (in years) for initiation fees recognized \| yr	13
Refundable period (in years) for initiation fees \| yr	30
Advertising expense	$ 40.0	32.3	$ 27.5
Prepaid advertising costs	$ 0.1	$ 0.3

Summary of Significant Accounting Policies (Summary On Estimated Useful Life Of Property, Plant And Equipment) (Details)	12 Months Ended
	Jul. 31, 2017
Software and Software Development Costs [Member]
Estimated life in years	3 years
Minimum [Member] \| Land Improvements [Member]
Estimated life in years	10 years
Minimum [Member] \| Buildings and Building Improvements [Member]
Estimated life in years	7 years
Minimum [Member] \| Machinery and Equipment [Member]
Estimated life in years	2 years
Minimum [Member] \| Furniture and Fixtures [Member]
Estimated life in years	3 years
Minimum [Member] \| Vehicles [Member]
Estimated life in years	3 years
Maximum [Member] \| Land Improvements [Member]
Estimated life in years	35 years
Maximum [Member] \| Buildings and Building Improvements [Member]
Estimated life in years	30 years
Maximum [Member] \| Machinery and Equipment [Member]
Estimated life in years	30 years
Maximum [Member] \| Furniture and Fixtures [Member]
Estimated life in years	10 years
Maximum [Member] \| Vehicles [Member]
Estimated life in years	10 years

Summary of Significant Accounting Policies (Allocation Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Pre-tax stock-based compensation expense	$ 18,315	$ 17,025	$ 15,753
Less: benefit for income taxes	6,290	6,057	6,026
Net stock-based compensation expense	12,025	10,968	9,727
Mountain Operating Expense [Member]
Pre-tax stock-based compensation expense	14,969	13,404	11,841
Lodging Operating Expense [Member]
Pre-tax stock-based compensation expense	3,215	3,094	2,621
Real Estate Operating Expense [Member]
Pre-tax stock-based compensation expense	$ 131	$ 527	$ 1,291

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands							3 Months Ended								12 Months Ended
	Oct. 27, 2017	Oct. 10, 2017	Sep. 27, 2017	Mar. 09, 2017	Mar. 09, 2016	Jun. 08, 2011	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Net income							$ (57,146)	$ 181,107	$ 149,179	$ (62,587)	$ (65,273)	$ 157,632	$ 116,982	$ (59,587)	$ 210,553	$ 149,754	$ 114,754
Weighted Average Number of Shares Outstanding, Common															39,158,000	36,276,000	36,342,000
Weighted Average Number of Shares Outstanding, Exchangeable															93,000	0	0
Weighted-average shares outstanding, basic (in shares)															39,251,000	36,276,000	36,342,000
Effect of dilutive securities, diluted (in shares)															1,115,000	1,036,000	1,064,000
Weighted-average shares outstanding, diluted (in shares)															40,366,000	37,312,000	37,406,000
Basic net income per share attributable to Vail Resorts, Inc.							$ (1.43)	$ 4.52	$ 3.72	$ (1.70)	$ (1.80)	$ 4.35	$ 3.23	$ (1.63)	$ 5.36	$ 4.13	$ 3.16
Diluted net income per share attributable to Vail Resorts, Inc.							(1.43)	$ 4.40	$ 3.63	$ (1.70)	(1.80)	$ 4.23	$ 3.14	$ (1.63)	$ 5.22	$ 4.01	$ 3.07
Anti-dilutive securities (in shares)															9,000	18,000	11,000
Estimated annual dividend amount (in dollars per share)				$ 4.212		$ 0.60
Common Stock, Dividends, Per Share, Cash Paid															$ 3.726
Increase to annual cash dividend rate					30.00%
Cash dividends declared per share (in dollars per share)															$ 3.726	$ 2.865	$ 2.075
Dividends (Note 3)															$ 146,235	$ 103,835	$ 75,506
Preferred stock, par value (in dollars per share)							$ 0.01				$ 0.01				$ 0.01	$ 0.01
Scenario, Forecast [Member]
Cash dividends declared per share (in dollars per share)			$ 1.0530
Dividends Payable, Date to be Paid	Oct. 27, 2017
Dividends Payable, Date of Record		Oct. 10, 2017
Common Stock [Member]
Stock Issued During Period, Shares, New Issues															3,327,719
Exchangeable Shares [Member]
Stock Issued During Period, Shares, New Issues															418,095

Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($) $ in Thousands		12 Months Ended
	May 29, 2013	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Long-term Debt		$ 1,276,521	$ 702,320
Unamortized Debt Issuance Expense		4,100	2,057
Less: Current maturities		38,397	13,354
Long-term debt, net		1,234,024	686,909
Interest Expense, Debt		54,100	42,400	$ 51,200
Accretion Expense		5,687	5,644	5,596
Loss on extinguishment of debt		0	0	11,012
Amortization of Financing Costs		1,100	1,000	1,300
Redemption Premium				9,000
Write off of Deferred Debt Issuance Cost				2,400
Intercompany Foreign Currency Balance, Amount		210,000
Foreign currency gain on intercompany loans (Note 4)		15,285	0	0
Credit Facility Revolver [Member]
Long-term Debt		$ 50,000	75,000
Fiscal year maturity		2021
Basis spread on LIBOR rate		1.125%
Line of Credit Facility, Maximum Borrowing Capacity		$ 400,000
Whistler Credit Agreement revolver [Member]
Long-term Debt		$ 113,119	0
Line of Credit Facility, Initiation Date		Nov. 12, 2013
Fiscal year maturity		2021
Long-term debt, maturity date		Nov. 12, 2021
Long-term Debt, Description		Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of July 31, 2017, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum.
Debt Instrument, Interest Rate, Stated Percentage		2.90%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.3937%
Term Loan [Member]
Long-term Debt		$ 721,875	240,625
Line of Credit Facility, Increase (Decrease), Net		$ 509,400
Line of Credit Facility, Initiation Date		Oct. 14, 2016
Fiscal year maturity		2021
Long-term debt, maturity date		Oct. 14, 2021
Long-term Debt, Description		In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $950.0 million and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $9.4 million, which began on January 31, 2017, in equal installments, with five percent payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in October 2021. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at the Company's option at the rate of (i) LIBOR plus 1.25% as of July 31, 2017 (2.48% as of July 31, 2017) or (ii) the Agent's prime lending rate plus a margin (2.48% as of July 31, 2017)
Long-term Line of Credit		$ 750,000
Employee Housing Bonds [Member]
Long-term Debt		52,575	52,575
Canyons Obligation [Member]
Long-term Debt		$ 328,786	323,099
Fiscal year maturity		2063
Other [Member]
Long-term Debt		$ 10,166	$ 11,021
Six Point Five Zero Percent Notes [Member]
Extinguishment of Debt, Amount				$ 215,000
Debt Instrument, Redemption Price, Percentage				3.25%
Industrial Development Bonds [Member]
Extinguishment of Debt, Amount				$ 41,000
Debt Instrument, Redemption Price, Percentage				4.00%
Colorado Water Conservation Board Note Outstanding [Member] \| Other [Member]
Long-term debt, maturity date		Sep. 16, 2028
Long-term debt, outstanding amount		$ 4,400
Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Long-term Debt		$ 19,980
Fiscal year maturity		2039
Tarnes [Member] \| Employee Housing Bonds [Member]
Long-term Debt		$ 10,410
Fiscal year maturity		2039
BC Housing [Member] \| Employee Housing Bonds [Member]
Long-term Debt		$ 10,600
Fiscal year maturity		2027
Tenderfoot [Member] \| Employee Housing Bonds [Member]
Long-term Debt		$ 11,585
Fiscal year maturity		2035
Tranche A [Member] \| Employee Housing Bonds [Member]
Long-term Debt		$ 37,780
Reference for interest rate determination		LIBOR plus 0% to 0.09%
Tranche A [Member] \| Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Long-term Debt		$ 14,980
Tranche A [Member] \| Tarnes [Member] \| Employee Housing Bonds [Member]
Long-term Debt		8,000
Tranche A [Member] \| BC Housing [Member] \| Employee Housing Bonds [Member]
Long-term Debt		9,100
Tranche A [Member] \| Tenderfoot [Member] \| Employee Housing Bonds [Member]
Long-term Debt		5,700
Tranche B [Member] \| Employee Housing Bonds [Member]
Long-term Debt		$ 14,795
Reference for interest rate determination		LIBOR plus 0% to 0.05%
Tranche B [Member] \| Breckenridge Terrace [Member] \| Employee Housing Bonds [Member]
Long-term Debt		$ 5,000
Tranche B [Member] \| Tarnes [Member] \| Employee Housing Bonds [Member]
Long-term Debt		2,410
Tranche B [Member] \| BC Housing [Member] \| Employee Housing Bonds [Member]
Long-term Debt		1,500
Tranche B [Member] \| Tenderfoot [Member] \| Employee Housing Bonds [Member]
Long-term Debt		$ 5,885
Maximum [Member] \| Employee Housing Bonds [Member]
Fiscal year maturity, end		May 01, 2039
Maximum [Member] \| Other [Member]
Fiscal year maturity, end		Jul. 31, 2028
Long term debt interest rate		5.50%
Maximum [Member] \| Tranche A [Member] \| Employee Housing Bonds [Member]
Basis spread on LIBOR rate		0.09%
Long term debt interest rate		1.32%
Minimum [Member] \| Employee Housing Bonds [Member]
Fiscal year maturity, start		Jun. 01, 2027
Minimum [Member] \| Other [Member]
Fiscal year maturity, start		Jul. 31, 2024
Long term debt interest rate		5.10%
Minimum [Member] \| Tranche A [Member] \| Employee Housing Bonds [Member]
Basis spread on LIBOR rate		0.00%
Long term debt interest rate		1.23%
Canyons [Member]
Accretion Expense		$ 24,000
Business Acquisition, Effective Date of Acquisition	May 24, 2013
Initial Capital Lease Term	50 years
Optional Lease Renewal Term	six 50-year renewal options
Minimum Capital Lease Payment, Annual	$ 25,000
Adjustments to Capital Lease Annual Payments	inflation linked index of CPI less 1%, with a floor of 2% per annum
Talisker Canyons Obligation, Interest Rate		10.00%
Canada, Dollars \| Whistler Credit Agreement revolver [Member]
Optional Commitment Increase		$ 75,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 300,000

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Long-term Debt, Other Disclosures [Abstract]
2017	$ 38,397
2018	38,455
2019	38,516
2020	38,580
2021	736,141
Thereafter	386,432
Long-term Debt	1,276,521	$ 702,320
Interest Expense, Debt	54,100	42,400	$ 51,200
Amortization of Financing Costs	$ 1,100	$ 1,000	$ 1,300

Acquisitions (Narrative) (Details) $ / shares in Units, $ in Thousands, CAD in Millions		3 Months Ended			12 Months Ended
	May 29, 2013 USD ($)	Oct. 31, 2016	Apr. 30, 2016 USD ($)	Jan. 31, 2015 USD ($)	Jul. 31, 2017 USD ($) $ / shares shares	Jul. 31, 2017 CAD shares	Jul. 31, 2016 USD ($)	Jul. 31, 2015 USD ($)	Oct. 17, 2016 USD ($)	Jan. 19, 2016 USD ($)	Jun. 30, 2015 USD ($)	Sep. 11, 2014 USD ($)
Payments to Acquire Businesses, Net of Cash Acquired					$ 553,220		$ 20,245	$ 307,051
Canyons Obligation, Interest Rate					10.00%
Gain on litigation settlement (Note 5)					$ 0		0	16,400
Park City litigation settlement payment					0		0	10,000
Goodwill, Acquired During Period					$ 956,739		$ 7,400
Stowe [Member]
Business Acquisition, Effective Date of Acquisition					Jun. 07, 2017	Jun. 07, 2017
Business Combination, Cash Consideration Transferred					$ 40,900
Whistler Blackcomb [Member]
Business Acquisition, Effective Date of Acquisition					Oct. 17, 2016	Oct. 17, 2016
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		5 years
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares					3,746,000	3,746,000
Noncontrolling Interest, Ownership Percentage by Parent					75.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					25.00%
Development Agreement Date					Feb. 23, 2017	Feb. 23, 2017
Description of Development Agreement					The MDAs each have a term of 60 years and are replaceable for an additional 60 years by option exercisable by the WB Partnerships after the first 30 years of the initial term. In accordance with the MDAs, each WB Partnership is obligated to pay annual fees to the Province at a rate of 2% of certain gross revenues related to the Whistler Blackcomb Resort.	The MDAs each have a term of 60 years and are replaceable for an additional 60 years by option exercisable by the WB Partnerships after the first 30 years of the initial term. In accordance with the MDAs, each WB Partnership is obligated to pay annual fees to the Province at a rate of 2% of certain gross revenues related to the Whistler Blackcomb Resort.
Wilmot [Member]
Business Acquisition, Effective Date of Acquisition			Jan. 19, 2016
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill										$ 400
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			10 years
Business Combination, Consideration Transferred			$ 20,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment										12,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets										200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable										$ 300
Goodwill, Acquired During Period			$ 7,400
Canyons [Member]
Business Acquisition, Effective Date of Acquisition	May 24, 2013
Initial Capital Lease Term	50 years
Optional Lease Renewal Term	six 50-year renewal options
Minimum Capital Lease Payment, Annual	$ 25,000
Adjustments to Capital Lease Annual Payments	inflation linked index of CPI less 1%, with a floor of 2% per annum
Lease Expiration Date					Jan. 01, 2079	Jan. 01, 2079
PCMR [Member]
Business Acquisition, Effective Date of Acquisition							Sep. 11, 2014
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill												$ 27,650
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life							46 years
Net operation revenue from acquiree							$ 67,100
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed								800
Goodwill, Purchase Accounting Adjustments				$ 13,000
Business Combination, Cash Consideration Transferred							182,500
Fair value of litigation settlement							10,100
Gain on litigation settlement (Note 5)							16,400
Litigation settlement accounted for as consideration							26,500
Park City litigation settlement payment							$ (10,000)
Business Combination, Consideration Transferred								$ 208,950
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment												76,605
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable												1,935
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities												$ 6,254
Perisher [Member]
Business Acquisition, Effective Date of Acquisition								Jun. 30, 2015
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill											$ 5,458
Payments to Acquire Businesses, Net of Cash Acquired								$ 124,551
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life								4 years
Net operation revenue from acquiree								$ 21,800
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed								$ 5,200
Optional Lease Renewal Term					P20Y	P20Y		20-year renewal option
Lease Expiration Date					Jan. 01, 2048	Jan. 01, 2048		Jan. 01, 2048
Business Combination, Consideration Transferred								$ 124,551
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment											126,287
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets											525
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable											11,394
Goodwill, Acquired During Period								$ 31,657
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities											$ 45,729
United States of America, Dollars \| Stowe [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					$ 3,000
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed					2,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					39,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets					2,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					3,700
United States of America, Dollars \| Whistler Blackcomb [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill									$ 152,035
Net operation revenue from acquiree					257,800
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual					65,600
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed					3,200
Goodwill, Purchase Accounting Adjustments					7,900
Business Combination, Cash Consideration Transferred					512,558
Business Combination, Consideration Transferred					1,087,203
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment									332,609
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets									1,973
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities									$ 74,086
Payments to Acquire Businesses, Gross					509,200
Foreign Currency Transaction Gain (Loss), Realized					3,400
Business Combination, Consideration Transferred, Other					4,308
Realized Investment Gains (Losses)					$ 800
Canada, Dollars \| Whistler Blackcomb [Member]
Business Combination, Cash Consideration Transferred \| CAD						CAD 673.8
Business Acquisition, Share Price \| $ / shares					$ 17.50
Common Stock [Member] \| Whistler Blackcomb [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares					3,327,719	3,327,719
Exchangeable Shares [Member] \| Whistler Blackcomb [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares					418,095	418,095

Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Oct. 31, 2016 USD ($)	Jul. 31, 2017 USD ($) shares	Jul. 31, 2016 USD ($)	Jul. 31, 2015 USD ($)	Oct. 17, 2016 USD ($)	Oct. 14, 2016 $ / shares	Jun. 30, 2015 USD ($)	Sep. 11, 2014 USD ($)
Business Acquisition [Line Items]
Indefinite-Lived Trademarks		$ 216,923	$ 67,705
Unfavorable lease obligations, net		24,664	27,322
Goodwill, Acquired During Period		956,739	7,400
Acquisition of noncontrolling interest (Note 5)		$ 182,579
Whistler Blackcomb [Member]
Business Acquisition [Line Items]
Shares Purchased to Acquire Business \| shares		38,500
Share Exchange Ratio						0.097294
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares		3,746
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Perisher [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables							$ 1,494
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment							126,287
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							5,458
Goodwill, Acquired During Period				$ 31,657
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets							170,280
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable							11,394
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue							15,906
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent							18,429
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities							45,729
Business Combination, Consideration Transferred				$ 124,551
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory							4,859
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets							$ 525
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				4 years
PCMR [Member]
Business Acquisition [Line Items]
Business Combination, Cash Consideration Transferred			$ 182,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables								$ 930
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets								3,075
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment								76,605
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent								7,428
Business Acquisition, Purchase Price Allocation, Real estate held for sale and investment								7,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill								27,650
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets								215,204
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable								1,935
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue								4,319
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities								$ 6,254
Business Combination, Consideration Transferred				$ 208,950
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			46 years
Canyons [Member]
Business Acquisition [Line Items]
Business Acquisition, Purchase Price Allocation, Land		$ 31,818	$ 31,818
Business Acquisition, Purchase Price Allocation, Land Improvements		49,228	49,228
Business Acquisition, Purchase Price Allocation, Buildings and Building Improvements		42,910	42,910
Business Acquisition, Purchase Price Allocation, Machinery and Equipment		61,156	61,175
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Gross (under Capital Lease)		185,112	185,131
Business Acquisition, Purchase Price Allocation, Accumulated Depreciation		(37,000)	(27,110)
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Net (under Capital Lease)		148,112	158,021
Mountain [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period			$ 7,400
Mountain [Member] \| PCMR [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period				$ 92,516
United States of America, Dollars \| Whistler Blackcomb [Member]
Business Acquisition [Line Items]
Indefinite-Lived Trademarks					$ 139,977
Share Price \| $ / shares						$ 153.41
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned					574,645
Business Combination, Cash Consideration Transferred		512,558
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables					36,820
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					332,609
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent					7,861
Business Acquisition, Purchase Price Allocation, Real estate held for sale and investment					8,216
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					152,035
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					74,086
Business Combination, Consideration Transferred		1,087,203
Business Combination, Consideration Transferred, Other		4,308
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		1,274,090			1,274,090
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets					1,973
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt					144,922
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other					3,155
Finite-Lived Customer Relationships, Gross					$ 7,950
Payments to Acquire Management Contract Rights	$ 4,108
United States of America, Dollars \| Mountain [Member] \| Whistler Blackcomb [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period		956,739
Noncontrolling Interest [Member]
Business Acquisition [Line Items]
Acquisition of noncontrolling interest (Note 5)		$ 182,579

Acquisitions (Summary Pro Forma Financial Information) (Details) - Whistler Blackcomb [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Pro Forma Financial Information [Line Items]
Development Agreement Date	Feb. 23, 2017
United States of America, Dollars
Pro Forma Financial Information [Line Items]
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	$ 65,600
Pro forma net revenue	1,929,882	$ 1,835,924
Pro forma net income attributable to Vail Resorts, Inc.	$ 212,475	$ 170,855
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$ 5.31	$ 4.27
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$ 5.16	$ 4.16

Supplementary Balance Sheet Information (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 180,800	$ 156,800	$ 144,000
Amortization of Intangible Assets	8,300	$ 4,700	$ 5,100
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	3,000
Estimated amortization expense for intangible assets, year two	3,000
Estimated amortization expense for intangible assets, year three	3,000
Estimated amortization expense for intangible assets, year four	3,000
Estimated amortization expense for intangible assets, year five	$ 3,000

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Property, Plant and Equipment Impairment or Disposal Disclosure	67.4
Depreciation	$ 180,800	$ 156,800	$ 144,000
Land and land improvements	553,655	440,300
Buildings and building improvements	1,210,864	1,025,515
Machinery and equipment	987,080	866,008
Furniture and fixtures	280,292	284,959
Software	108,048	103,754
Vehicles	59,596	58,159
Construction in progress	49,359	39,396
Gross property, plant and equipment	3,248,894	2,818,091
Accumulated depreciation	(1,534,740)	(1,454,277)
Property, plant and equipment, net	$ 1,714,154	$ 1,363,814

Supplementary Balance Sheet Information Composition of Property, Plant and Equipment under Capital Lease (Details) - Canyons [Member] - USD ($) $ in Thousands	Jul. 31, 2017	Jul. 31, 2016
Property, Plant and Equipment [Line Items]
Capital Leased Assets, Land	$ 31,818	$ 31,818
Capital Leased Assets, Land Improvements	49,228	49,228
Capital Leased Assets, Buildings and Building Improvements	42,910	42,910
Capital Leased Assets, Machinery and Equipment	61,156	61,175
Capital Leased Assets, Gross	185,112	185,131
Capital Leased Assets, Accumulated Depreciation	(37,000)	(27,110)
Capital Leased Assets, Net	$ 148,112	$ 158,021

Supplementary Balance Sheet Information (Composition Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Disposal Group, Including Discontinued Operation, Intangible Assets		$ 39,400
Goodwill	$ 1,537,097	526,391
Accumulated amortization	(17,354)	(17,354)
Goodwill, net	1,519,743	509,037	$ 500,433
Indefinite-Lived Trademarks	216,923	67,705
Other Indefinite-lived Intangible Assets	41,275	37,548
Gross indefinite-lived intangible assets	258,198	105,253
Accumulated amortization	(24,713)	(24,713)
Indefinite-lived intangible assets, net	233,485	80,540
Gross amortizable intangible assets	39,071	37,635
Other Finite-Lived Intangible Assets, Gross	49,804	41,889
Finite-Lived Intangible Assets, Gross	88,875	79,524
Accumulated amortization	(27,428)	(20,057)
Amortizable intangible assets, net	61,447	59,467
Total gross intangible assets	347,073	184,777
Total accumulated amortization	(52,141)	(44,770)
Net Intangible Assets Excluding Goodwill	294,932	140,007
Amortization of Intangible Assets	8,300	$ 4,700	$ 5,100
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 3,000

Supplementary Balance Sheet Information (Changes In Goodwill Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Goodwill, beginning balance	$ 509,037	$ 500,433
Acquisition	956,739	7,400
Goodwill, Translation Adjustments	53,967	1,204
Goodwill, ending balance	1,519,743	509,037
Mountain [Member]
Goodwill, beginning balance	441,138	432,534
Acquisition		7,400
Goodwill, Translation Adjustments	53,967	1,204
Goodwill, ending balance	1,451,844	441,138
Lodging [Member]
Goodwill, beginning balance	67,899	67,899
Acquisition	0	0
Goodwill, Translation Adjustments	0	0
Goodwill, ending balance	$ 67,899	$ 67,899

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Jul. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Trade payables	$ 71,558	$ 72,658
Deferred revenue	240,096	182,506
Accrued salaries, wages and deferred compensation	44,869	43,086
Accrued benefits	32,505	29,175
Deposits	23,742	23,307
Other accruals	54,899	46,756
Total accounts payable and accrued liabilities	$ 467,669	$ 397,488

- Definition

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

+ References + Details

Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Jul. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Private club deferred initiation fee revenue	$ 118,417	$ 121,750
Unfavorable lease obligations, net	24,664	27,322
Other long-term liabilities	158,655	121,096
Total other long-term liabilities	$ 301,736	$ 270,168

Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
Investments in Affiliates (Details) - USD ($) $ in Millions	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Investments in equity method affiliates	$ 7.6	$ 7.5
Undistributed earnings of equity method affiliates	4.3	4.2
Distributions received from equity method affiliates	$ 1.9	1.3	$ 1.0
Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC ("SSF/VARE") [Member]
Ownership interest	50.00%
KRED [Member]
Ownership interest	50.00%
Clinton Ditch and Reservoir Company [Member]
Ownership interest	43.00%
Slifer Smith and Frampton and Vail Associates Real Estate Llc Ssf and Vare [Member]
Real estate revenue from leases	$ 0.4	$ 0.4	$ 0.5
Ownership interest	50.00%

Fair Value Measurements (Details) $ in Thousands, CAD in Millions	12 Months Ended
	Jul. 31, 2017 USD ($)	Jul. 31, 2016 USD ($)	Jul. 31, 2017 CAD	Jul. 31, 2015 USD ($)
Derivative, Maturity Date	Sep. 01, 2020
Business Combination, Contingent Consideration Arrangements, Description	42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company.
Contingent Consideration, Key Assumptions for Valuation	The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 10.2%, volatility of 16.0% and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs.
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description	The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $4.5 million to $6.5 million.
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 236
Liabilities, Fair Value Disclosure	27,400	$ 11,100		$ 6,900
Change in Fair Value of Contingent Consideration	16,300	4,200
Level 3 [Member]
Liabilities, Fair Value Disclosure	27,400	11,100
Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure	3,008
Money Market Funds [Member] \| Level 1 [Member]
Money Market Funds, at Carrying Value	3,008
Commercial Paper [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,401	2,401
Commercial Paper [Member] \| Level 2 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,401	2,401
Certificates of Deposit [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,405	2,403
Certificates of Deposit [Member] \| Level 2 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	2,405	$ 2,403
Canada, Dollars
Derivative, Notional Amount \| CAD			CAD 125.0
United States of America, Dollars
Derivative, Notional Amount	$ 100,300

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2007	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Net operating loss carryforwards recognized	$ 8.0
Net operating loss carryforwards amount				$ 73.8
Tax refund on amended returns				6.2
Reduction in federal tax liability				19.6
Unrecognized tax benefits, income tax penalties and interest accrued		$ 3.6	$ 1.6
Income tax examination, penalties and interest expense		(2.0)	$ (1.1)	1.4
Unrecognized Tax Benefits, Period Increase (Decrease)				27.7
Tax Adjustments, Settlements, and Unusual Provisions				$ 23.8
Deferred Tax Assets, Tax Credit Carryforwards, Foreign		9.9
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		4.2
State and Local Jurisdiction [Member]
State operating loss carryforwards		34.5
Operating loss carryforwards, valuation allowance		$ 29.5

Income Taxes (Components Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Jul. 31, 2016
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	$ 9,331	$ 0
Deferred Tax Liabilities, Net, Noncurrent	171,442	129,994
Fixed assets	180,480	180,267
Intangible assets	65,614	59,009
Deferred Tax Liabilities, Other	31,191	7,933
Deferred Tax Liabilities, Gross	277,285	247,209
Total	162,111	129,994
Deferred Tax Asset, Talisker Canyons Obligation	19,276	18,984
Stock-based compensation	17,862	17,287
Deferred Tax Assets, Investments	17,511	8,108
Deferred compensation and other accrued benefits	15,215	17,426
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies	10,472	4,244
Unfavorable lease obligation, net	9,542	10,904
Net operating loss carryforwards other tax credits	12,783	8,268
Other, net	19,468	35,635
Total	122,129	120,856
Valuation allowance for deferred income taxes	(6,955)	(3,641)
Deferred income tax assets, net of valuation allowance	$ 115,174	$ 117,215

Income Taxes (Components Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Income Tax Disclosure [Abstract]
Current federal	$ 55,887	$ 70,553	$ 12,668
Current state	8,096	10,555	5,501
Current Foreign Tax Expense (Benefit)	16,311	4,431	3,581
Total current	80,294	85,539	21,750
Deferred federal	29,065	7,603	11,534
Deferred state	3,601	1,051	1,623
Deferred Foreign Income Tax Expense (Benefit)	3,771	(1,028)	(189)
Deferred Income Tax Expense (Benefit)	36,437	7,626	12,968
Provision for income taxes	$ 116,731	$ 93,165	$ 34,718

Income Taxes (Reconciliation Of Effective Income Tax Rate And Effective Rate From Continuing Operation) (Details)	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Income Tax Disclosure [Abstract]
At U.S. Federal income tax rate	35.00%	35.00%	35.00%
State income tax, net of Federal benefit	2.20%	3.10%	3.20%
Effective Income Tax Rate Reconciliation, Tax Settlement, Other, Amount	0.00%	0.00%	(16.00%)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	0.90%	0.10%	0.50%
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent	(2.10%)	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	(1.80%)	(0.20%)	0.00%
Other	(0.70%)	0.40%	0.50%
Effective income tax rate	33.50%	38.40%	23.20%

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Examination, Penalties and Interest Expense	$ 2,000	$ 1,100	$ (1,400)
Unrecognized tax benefits, beginning balance	57,032	38,572	46,973
Additions based on tax positions related to the current year	0	0	0
Additions for tax positions of prior years	19,079	18,460	17,443
Reductions for tax positions of prior years	0	0	(21,574)
Lapse of statute of limitations	0	0	0
Settlements	0	0	(4,270)
Unrecognized tax benefits, ending balance	$ 76,111	$ 57,032	$ 38,572

Income Taxes Components of Income before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Components of Income Before Income Taxes [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ 251,478	$ 231,756	$ 142,190
Income (Loss) from Continuing Operations before Income Taxes, Foreign	96,971	10,863	7,138
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 348,449	$ 242,619	$ 149,328

Income Taxes Presentation of Net Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Jul. 31, 2016
Presentation of Net Deferred Tax Liabilities and Assets [Abstract]
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	$ 9,331	$ 0
Deferred Tax Liabilities, Net, Noncurrent	171,442	129,994
Deferred Tax Liabilities, Net	$ 162,111	$ 129,994

Related Party Transactions (Details) $ in Millions	12 Months Ended
Related Party Transactions (Details) $ in Millions	Jul. 31, 2017 USD ($) yr director	Jul. 31, 2016 USD ($)	Jul. 31, 2015 USD ($)
BCRC [Member]
Right to appoint the number of directors \| director	4
Number of directors \| director	9
Management agreement renewable period, years \| yr	1
Management fees and reimbursement of operating expenses \| $	$ 8.9	$ 8.4	$ 7.1
Slifer Smith and Frampton and Vail Associates Real Estate Llc Ssf and Vare [Member]
Ownership interest	50.00%
Real estate revenue from leases \| $	$ 0.4	$ 0.4	$ 0.5

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	May 29, 2013	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Amount outstanding in letters of credit		$ 64,400
Surety Bonds Outstanding		$ 9,300
Contingent rent percentage		11.50%
Number of optional renewal terms		3
Lease expense, excluding executory costs		$ 51,900	$ 44,400	$ 39,500
Long-term Debt		$ 1,276,521	702,320
Canyons Obligation, Interest Rate		10.00%
Holland Creek Metropolitan District [Member]
Credit-enhanced bonds issued amount		$ 6,300
Amount outstanding in letters of credit		6,400
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities		$ 2,000
Estimated cessation date of capital improvement fee payment obligation		Jul. 31, 2031
Employee Housing Bonds [Member]
Amount outstanding in letters of credit		$ 53,400
Workers' Compensation and General Liability Related to Construction and Development Activities [Member]
Amount outstanding in letters of credit		$ 11,000
Maximum [Member]
Annual base rent rate		11.00%
Minimum [Member]
Annual base rent rate		10.25%
Northstar [Member]
Lease Expiration Date		Jan. 19, 2027
Optional Lease Renewal Term		P10Y
Perisher [Member]
Lease Expiration Date		Jan. 01, 2048		Jan. 01, 2048
Optional Lease Renewal Term		P20Y		20-year renewal option
Operating Leases, Rent Expense, Contingent Rentals		2% of certain gross revenue
Canyons [Member]
Lease Expiration Date		Jan. 01, 2079
Optional Lease Renewal Term	six 50-year renewal options
Australia, Dollars \| Perisher [Member]
Lease expense, excluding executory costs		$ 1,800
Canyons Obligation [Member]
Long-term Debt		$ 328,786	$ 323,099

Commitments and Contingencies (Future Minimum Lease Payment) (Details) $ in Thousands	Jul. 31, 2017 USD ($)
Debt Instrument [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 40,783
Capital Leases, Future Minimum Payments Due, Next Twelve Months	27,156
Operating Leases, Future Minimum Payments Due in Two Years	35,338
Capital Leases, Future Minimum Payments Due in Two Years	27,699
Operating Leases, Future Minimum Payments Due in Three Years	31,876
Capital Leases, Future Minimum Payments Due in Three Years	28,253
Operating Leases, Future Minimum Payments Due in Four Years	29,453
Capital Leases, Future Minimum Payments Due in Four Years	28,818
Operating Leases, Future Minimum Payments Due in Five Years	26,110
Capital Leases, Future Minimum Payments Due in Five Years	29,394
Operating Leases, Future Minimum Payments Due Thereafter	149,285
Capital Leases, Future Minimum Payments Due Thereafter	1,865,612
Operating Leases, Future Minimum Payments Due	312,845
Capital Leases, Future Minimum Payments Due	2,006,932
Capital Leases, Future Minimum Payments, Interest Included in Payments	(1,678,146)
Canyons Obligation [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 328,786

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Total Mountain net revenue									$ 1,611,786	$ 1,304,604	$ 1,104,029
Lodging									278,514	274,554	254,553
Resort									1,890,300	1,579,158	1,358,582
Real Estate									16,918	22,128	41,342
Total net revenue	$ 209,124	$ 794,631	$ 725,198	$ 178,265	$ 179,884	$ 647,472	$ 599,363	$ 174,567	1,907,218	1,601,286	1,399,924
Mountain									1,047,331	881,472	777,147
Lodging									251,427	246,385	232,877
Resort									1,298,758	1,127,857	1,010,024
Real estate									24,083	24,639	48,408
Total segment operating expense									1,322,841	1,152,496	1,058,432
Gain on litigation settlement (Note 5)									0	0	16,400
Gain on sale of real property									6,766	5,295	151
Mountain equity investment income, net									1,883	1,283	822
Total Reported EBITDA									593,026	455,368	358,865
Real estate held for sale and investment	103,405				111,088				103,405	111,088	129,825
Depreciation and amortization									(189,157)	(161,488)	(149,123)
Change in Fair Value of Contingent Consideration									(16,300)	(4,200)	3,650
Loss on disposal of fixed assets and other, net									(6,430)	(5,418)	(2,057)
Investment income and other, net									6,114	723	246
Foreign currency gain on intercompany loans (Note 4)									15,285	0	0
Interest expense									(54,089)	(42,366)	(51,241)
Loss on extinguishment of debt									0	0	(11,012)
Income before provision for income taxes									348,449	242,619	149,328
Provision for income taxes (Note 9)									(116,731)	(93,165)	(34,718)
Net income	(61,248)	196,856	159,728	(63,618)	(65,284)	157,537	116,871	(59,670)	231,718	149,454	114,610
Net (income) loss attributable to noncontrolling interests									(21,165)	300	144
Net income	(57,146)	$ 181,107	$ 149,179	$ (62,587)	(65,273)	$ 157,632	$ 116,982	$ (59,587)	210,553	149,754	114,754
Property, Plant and Equipment, Net	$ 1,714,154				$ 1,363,814				1,714,154	1,363,814
Lift Tickets [Member]
Total Mountain net revenue									818,341	658,047	536,458
Ski School [Member]
Total Mountain net revenue									177,748	143,249	126,206
Dining [Member]
Total Mountain net revenue									150,587	121,008	101,010
Retail/Rental [Member]
Total Mountain net revenue									293,428	241,134	219,153
Other [Member]
Total Mountain net revenue									171,682	141,166	121,202
Resort [Member]
Total Reported EBITDA									593,425	452,584	365,780
Mountain [Member]
Total Reported EBITDA									566,338	424,415	344,104
Lodging [Member]
Total Reported EBITDA									27,087	28,169	21,676
Real Estate [Member]
Total Reported EBITDA									$ (399)	$ 2,784	$ (6,915)

Segment Information Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Segment Reporting Information [Line Items]
Total net revenue	$ 209,124	$ 794,631	$ 725,198	$ 178,265	$ 179,884	$ 647,472	$ 599,363	$ 174,567	$ 1,907,218	$ 1,601,286	$ 1,399,924
Property, Plant and Equipment, Net	1,714,154				1,363,814				1,714,154	1,363,814
Canadian [Member]
Segment Reporting Information [Line Items]
Total net revenue									257,800
Property, Plant and Equipment, Net	338,800								338,800
Geographic Distribution, Foreign [Member]
Segment Reporting Information [Line Items]
Total net revenue									328,942	66,570	24,734
Property, Plant and Equipment, Net	453,933				115,977				453,933	115,977
Geographic Distribution, Domestic [Member]
Segment Reporting Information [Line Items]
Total net revenue									1,578,276	1,534,716	$ 1,375,190
Property, Plant and Equipment, Net	$ 1,260,220				$ 1,247,838				$ 1,260,220	$ 1,247,838

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Mountain revenue									$ 1,611,786	$ 1,304,604	$ 1,104,029
Lodging revenue									278,514	274,554	254,553
Real estate revenue									16,918	22,128	41,342
Total net revenue	$ 209,124	$ 794,631	$ 725,198	$ 178,265	$ 179,884	$ 647,472	$ 599,363	$ 174,567	1,907,218	1,601,286	1,399,924
Income (loss) from operations	(102,577)	320,073	252,278	(90,518)	(93,776)	263,380	200,064	(86,689)	379,256	282,979	210,513
Net income	(61,248)	196,856	159,728	(63,618)	(65,284)	157,537	116,871	(59,670)	231,718	149,454	114,610
Net income (loss) attributable to Vail Resorts, Inc.	$ (57,146)	$ 181,107	$ 149,179	$ (62,587)	$ (65,273)	$ 157,632	$ 116,982	$ (59,587)	$ 210,553	$ 149,754	$ 114,754
Basic net income (loss) per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (1.43)	$ 4.52	$ 3.72	$ (1.70)	$ (1.80)	$ 4.35	$ 3.23	$ (1.63)	$ 5.36	$ 4.13	$ 3.16
Diluted net income (loss) per share attributable to Vail Resorts, Inc. (in dollars per share)	$ (1.43)	$ 4.40	$ 3.63	$ (1.70)	$ (1.80)	$ 4.23	$ 3.14	$ (1.63)	$ 5.22	$ 4.01	$ 3.07

Stock Repurchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Stock Repurchase Plan (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015	Dec. 04, 2015	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Treasury Stock, Shares, Acquired	1,317	485,866
Repurchases of Common Stock	$ 210	$ 53,787	$ 0
Number of shares authorized to repurchase	7,500,000					3,000,000
Additional number of shares authorized to repurchase				1,500,000	3,000,000
Number of shares repurchased since inception	5,436,294	5,434,977
Value of stock repurchased since inception	$ 247,189	$ 246,979
Remaining shares available for repurchase under existing program	2,063,706

Stock Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2018
Shares issued for stock based compensation (in shares)	4,400,000
Stock based compensation award life	10 years
Stock based compensation award vesting period	3 years
Stock based compensation, shares available for grant (in shares)	4,100,000
Total unrecognized compensation expense	$ 20.2
Cash received from exercise of stock option	0.0	$ 0.0	$ 1.1
Tax benefit from exercise of stock options	$ 15.5	$ 10.3	$ 18.1
Stock Appreciation Rights (SARs) [Member]
Weighted-average grant-date fair value (in dollars per share)	$ 50.78	$ 35.20	$ 29.12
Intrinsic value of options and SARs exercised	$ 22.6	$ 13.1	$ 37.4
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	247,000	302,000	420,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 19.6	$ 10.8	$ 13.6
Restricted Stock Units (RSUs) [Member]
Weighted-average grant-date fair value (in dollars per share)	$ 154.19	$ 102.20	$ 83.50
Stock based compensation, restricted shares granted (in shares)	91,000	142,000	143,000
Stock based compensation, restricted shares vested (in shares)	121,000	134,000	113,000
Stock based compensation, total fair value of restricted shares	$ 19.3	$ 14.6	$ 9.9
Expected to be Recognized in 2011 [Member] \| Scenario, Forecast [Member]
Total unrecognized compensation expense				$ 1.0	$ 6.6	$ 12.6
Maximum [Member]
Stock based compensation, estimated forfeiture rates	22.20%
Minimum [Member]
Stock based compensation, estimated forfeiture rates	0.00%

Stock Compensation Plan (Schedule Of Share Based Compensation Valuation Model) (Details)	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	40.31%	40.40%	40.60%
Expected dividends	2.24%	2.20%	1.90%
Risk-free rate, minimum	0.50%	0.30%	0.10%
Risk-free rate, maximum	1.50%	2.20%	2.60%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (average in years)	5 years 6 months	5 years 4 months	4 years 11 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (average in years)	6 years 2 months	5 years 11 months	5 years 7 months

Stock Compensation Plan (Schedule Of Share Based Compensation Option And SARs Award Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Awards, outstanding beginning balance (in shares)	2,381	2,385	2,756
Awards, granted (in shares)	143	198	242
Awards, exercised (in shares)	(215)	(180)	(575)
Awards, forfeited or expired (in shares)	(19)	(22)	(38)
Awards, outstanding ending balance (in shares)	2,290	2,381	2,385
Awards, exercisable ending balance (in shares)	1,972
Weighted-average exercise price, outstanding beginning balance (in dollars per share)	$ 52.98	$ 47.96	$ 42.06
Weighted-average exercise price, granted (in dollars per share)	174.42	113.67	91.64
Weighted-average exercise price, exercised (in dollars per share)	60.05	49.79	36.20
Weighted-average exercise price, forfeited or expired (in dollars per share)	108.06	80.42	75.99
Weighted-average exercise price, outstanding ending balance (in dollars per share)	59.12	$ 52.98	$ 47.96
Weighted-average exercise price, exercisable ending balance (in dollars per share)	$ 46.84
Weighted-average remaining contractual term, outstanding ending balance (in years)	4 years 5 months
Weighted-average remaining contractual term, exercisable ending balance (in years)	3 years 8 months
Aggregate intrinsic value, outstanding ending balance	$ 347,214
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	2,267
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 58.38
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	4 years 4 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 345,458
Aggregate intrinsic value, exercisable ending balance	$ 323,243

Stock Compensation Plan (Schedule of Share Based Compensation SARs Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	2,290	2,381	2,385	2,756
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	318	441
Awards, granted (in shares)	143
Awards, vested (in shares)	(247)
Awards, forfeited (in shares)	(19)
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share)	$ 30.39
Weighted-average grant-date fair value, granted (in dollars per share)	50.78
Weighted-average grant-date fair value, vested (in dollars per share)	29.36
Weighted-average grant-date fair value, forfeited (in dollars per share)	36.65
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share)	$ 42.46

Stock Compensation Plan (Schedule Of Share Based Compensation Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	12 Months Ended
	Jul. 31, 2017 $ / shares shares
Awards, outstanding beginning balance (in shares) \| shares	261
Awards, granted (in shares) \| shares	91
Awards, vested (in shares) \| shares	(121)
Awards, forfeited (in shares) \| shares	(20)
Awards, outstanding ending balance (in shares) \| shares	211
Weighted-average grant-date fair value, outstanding beginning balance (in dollars per share) \| $ / shares	$ 90.54
Weighted-average grant-date fair value, granted (in dollars per share) \| $ / shares	154.19
Weighted-average grant-date fair value, vested (in dollars per share) \| $ / shares	83.75
Weighted-average grant-date fair value, forfeited (in dollars per share) \| $ / shares	109.12
Weighted-average grant-date fair value, outstanding ending balance (in dollars per share) \| $ / shares	$ 119.97

Retirement and Profit Sharing Plans (Details) $ in Millions	12 Months Ended
Retirement and Profit Sharing Plans (Details) $ in Millions	Jul. 31, 2017 USD ($) hour	Jul. 31, 2016 USD ($)	Jul. 31, 2015 USD ($)
Compensation and Retirement Disclosure [Abstract]
Employee contribution percentage	100.00%
Company match amount equal to participant's contribution	50.00%
Employer contribution matching equal to 50%	6.00%
Employment period (in months)	12 months
Service period (in hours)	1,000
Total service period (in hours)	1,500
Retirement plan expense \| $	$ 5.4	$ 5.3	$ 4.5